TOKYO — Japan’s top two shipping companies Friday reported solid earnings for the April-June quarter, with robust bulk-shipping rates canceling out the negative effects of a rise in fuel costs and strength in the yen.
Nippon Yusen K.K., Japan’s biggest shipping company in terms of revenue, posted a net profit of 44.36 billion yen ($411.1 million) during the fiscal first quarter, up 55% from a year earlier. Revenue grew 13% to 679.6 billion yen, while operating profit shot up 48% to 58.16 billion yen.
Mitsui O.S.K. Lines Ltd. had a fiscal-first-quarter net profit of 55.34 billion yen, up 63% from a year earlier. Revenue climbed 14% to 507.51 billion yen.