Kawasaki Kisen Kaisha, Ltd (KAKKF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Financial Highlights Brief Report for First Quarter Fiscal Year 2025. Financial Highlights for First Quarter Fiscal Year 2025. Financial Results for First Quarter Fiscal Year 2025. For the fiscal 2025 first quarter results, operating revenues were 244.9 billion yen. Operating income was 19.8 billion yen. Ordinary income was 21.6 billion yen, and net income attributable to owners of parent was 29.9 billion yen, representing a year-on-year decrease in both revenue and profit. The dollar-yen exchange rate for the first quarter was 145.32 yen, which is approximately 10 yen stronger than the roughly 155 yen rate in the same period of the previous year. The bunker price was $550, a slight decrease compared to the same period last year. Details by business segment are provided on the next page, but the decline in operating income compared to the same period last year was primarily due to the impact of exchange rates and a sluggish dry bulk market in the first quarter. In terms of ordinary income, in addition to the decrease in operating income, The equity method income and loss from Ocean Network Express, ONE, which operates our container ship business, was also reflected. Particularly in the first quarter, the decline in average freight rates compared to the same period last year led to a reduction in ONE's earnings, contributing to the decline in our ordinary income. Net income for the quarter came to 29.9 billion yen, as we recorded extraordinary income from the sale of owned vessels and a portion of subsidiary shares. As there have been no significant changes in our financial indicators since the end of March, I will not cover them this time. A2, financial results for first quarter fiscal year 2025 by segment. Now, I would like to discuss the results by segment. Startin...