Iino Kaiun reports 22% revenue drop in first quarter

Iino Kaiun Kaisha reported consolidated net sales of 29.8bn yen for the first quarter, down 21.9% year-on-year. Operating profit fell 57.7% to 2.3bn yen, while net profit declined 51.6% to 3.3bn yen.

The decline was driven by maritime shipping segments. Overseas shipping revenue decreased 26.0% to 23.7bn yen, with operating profit down 72.9%. Domestic shipping revenue fell 8.8% to 2.6bn yen, resulting in an operating loss.

The real estate segment provided relief, with revenue up 6.4% to 3.5bn yen and operating profit rising 92.9%.