Statement re Revised Forecast of Results (4756W)

TIDM52TC

RNS Number : 4756W

Kawasaki Kisen Kaisha Ltd

31 January 2012

January 31, 2012

Company: Kawasaki Kisen Kaisha, Ltd.

Representative: Jiro Asakura, President

Revised Forecast of Consolidated Financial Results

Kawasaki Kisen Kaisha, Ltd. ("K" Line) announces that, based on recent performance, it has revised its forecast of consolidated financial results for the fiscal year ending March 31, 2012 as set out below.

1. Revised Forecast of Consolidated Financial Results for the Fiscal Year

(1) Details of the Revision (Consolidated)

 
 1) Forecast of Consolidated Financial Results for the Fiscal 
  Year (April 1, 2011 - March 31, 2012) 
                                                          Fiscal Year 
-------------------------------  ------------------------------------------------------------- 
                                  Operating   Operating   Ordinary    Net income   Net income 
                                   revenues     income      income     (million        per 
                                   (million    (million    (million      yen)       share(yen) 
                                     yen)        yen)        yen) 
-------------------------------  ----------  ----------  ----------  -----------  ------------ 
 
 Forecast announced previously 
  (A) (announced on October 
  31, 2011)                         991,000    (30,000)    (39,000)     (32,000)       (41.90) 
-------------------------------  ----------  ----------  ----------  -----------  ------------ 
 Revised forecast (B)               970,000    (43,000)    (54,000)     (54,000)       (70.70) 
-------------------------------  ----------  ----------  ----------  -----------  ------------ 
 Change (B - A)                    (21,000)    (13,000)    (15,000)     (22,000)       (28.80) 
-------------------------------  ----------  ----------  ----------  -----------  ------------ 
 Change (%)                           -2.1%       -           -           -             - 
-------------------------------  ----------  ----------  ----------  -----------  ------------ 
 Reference: Consolidated 
  results for prior fiscal 
  year (fiscal year ended 
  March 31, 2011)                   985,084      58,609      47,350       30,603         40.08 
-------------------------------  ----------  ----------  ----------  -----------  ------------

(2) Reasons for the Revision

Due to continued sluggishness in worldwide markets, containership business has yet to make a full-scale recovery, despite indications that rates have bottomed out. In dry bulk carrier and oil tanker businesses, there are no signs of improvement in the balance of supply and demand in shipping capacity resulting from supply pressures caused by newbuildings, and adverse conditions are expected to continue. The impact of high fuel oil prices has also been a factor in the revising of the forecast of consolidated financial results for the fiscal year as indicated above. Consolidated net loss will be worsened mainly due to an increase in deferred income taxes following the promulgation of a bill relating to a reduction in corporate income tax rates, and the reporting of extraordinary losses arising from countermeasures against high-cost vessels and other matters, in addition to ordinary losses which have been worsened as explained above.

Note: The forecast of financial results set out in this news letter has been calculated based on currently available information. Actual results may differ from the forecast due to various factors such as future developments in the business environment.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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