Nippon Yusen Kabushiki Kaisha (NYK), the Japanese shipping giant that owns NYK Cruises in Japan and Crystal Cruises in Los Angeles, has reduced losses from its cruise operations in the financial year to 31 March 2013and forecasts return to profit in 2014.
The cruise operations produced a recurring loss of JPY3.7 billion in the review period, a reduction from a JPY5.8 billion loss year on. Revenues increased to JPY35.0 billion from JPY32.4 billion, NYK said in its annual report.
NYK is forecasting a profit of JPY1.0 billion on revenues of JPY43.0 billion for the 2014 financial year that started on 1 April, it said in the report.
“In the North American market, Crystal Cruises sales of Mediterranean voyages declined as a result of turmoil in Southern Europe stemming from financial instability as well as political tension in the Middle East and North Africa,” NYK said.
“In the Japanese market, Asuka Cruises business rebounded strongly from the previous fiscal year, when the Great East Japan Earthquake severely impacted results. Overall, the cruises segment narrowed its loss on higher revenues compared with the previous fiscal year,” NYK pointed out.
