Report: Kawasaki Heavy Could Exit Shipbuilding

KHI Japans shipbuilder Kawasaki Heavy Industries is considering whether it should pull out of the shipbuilding industry as it revised its full-year profit forecast, according to Bloomberg. Namely, the company halved its forecasts as it now expects to see a net income of around JPY 16.5 billion (USD 162.7 million) for the Fiscal Year ending March 31, which represents a drop of 66 percent compared to an earlier forecast of around JPY 49 million. Additionally, Bloomberg cited the company as saying that the loss for the half-year period ended September 30 would amount to around JPY 5 billion. Full-year operating profit is expected to reach JPY 34 billion, down from the previously forecast JPY 70 billion, while the companys revenue for the period could stand at JPY 1.51 trillion yen, against the earlier expectations of JPY 1.57 trillion. The shipbuilder could reach a final decision on whether to close its shipbuilding business by the end of March, Reuters cited the company. World Maritime News Staff