Container affiliate drives the jump
Kawasaki Kisen Kaisha, Ltd. (TSE: 9107) reported consolidated results for the first half of FY3/2027, April 1 to September 30, 2026, on November 4, 2026. Equity-method income rose to ¥70,241 million from ¥19,663 million, of which ¥65.7 billion came from Ocean Network Express (ONE), the container line it jointly owns. The Product Logistics segment, which carries that stake together with car carriers and logistics, raised ordinary profit 71.1% to ¥98,156 million on sales up 15.0% to ¥351,520 million, even though car carriers faced port congestion, longer voyages on rerouting around the Middle East and higher fuel costs.
Dry Bulk sales rose 31.3% to ¥189,578 million and segment profit climbed to ¥16,031 million from ¥1,351 million, as active iron-ore and bauxite flows kept large-vessel markets firm and coal demand linked to the Middle East situation supported smaller ships. Energy Resource Transport grew sales 22.5% to ¥60,244 million, with higher crude-oil and LPG charter rates and currency effects on LNG carriers, but segment profit fell 11.3% to ¥4,835 million after a one-off gain at an equity-method affiliate a year earlier. From this period, ship management was reallocated to the segments of the vessels managed, and prior-year figures were restated.
Guidance and dividend held
Earnings per share rose 87.5% to ¥203.63, helped by a fall in average shares outstanding as treasury stock rose to 51,726,181 shares from 7,077,375 in March. K Line kept its FY3/2027 forecast of net sales of ¥1,170,000 million, operating profit of ¥91,000 million and ordinary and attributable profit of ¥190,000 million (+42.9%) each, and its annual dividend of ¥120 (¥60 interim, ¥60 year-end). Total assets were ¥2,313,833 million and the equity ratio was 75.5%.
| Metric | H1 FY3/2027 | H1 FY3/2026 | Change |
|---|---|---|---|
| Net sales (¥ million) | 602,020 | 500,565 | +20.3% |
| Operating profit (¥ million) | 51,225 | 42,955 | +19.3% |
| Equity in earnings of affiliates (¥ million) | 70,241 | 19,663 | +257.2% |
| Ordinary profit (¥ million) | 118,398 | 59,669 | +98.4% |
| Net profit attrib. to owners of parent (¥ million) | 124,517 | 68,632 | +81.4% |
| Comprehensive income (¥ million) | 106,592 | 61,999 | +71.9% |
| EPS (¥) | 203.63 | 108.61 | +87.5% |
| Dry Bulk — revenue (¥ million) | 189,578 | 144,367 | +31.3% |
| Dry Bulk — segment profit (¥ million) | 16,031 | 1,351 | n.m. |
| Energy Resource Transport — revenue (¥ million) | 60,244 | 49,188 | +22.5% |
| Energy Resource Transport — segment profit (¥ million) | 4,835 | 5,453 | -11.3% |
| Product Logistics — revenue (¥ million) | 351,520 | 305,586 | +15.0% |
| Product Logistics — segment profit (¥ million) | 98,156 | 57,377 | +71.1% |
| Total assets (¥ million) | 2,313,833 | 2,343,989 | -1.3% |
| Net assets (¥ million) | 1,787,045 | 1,841,988 | -3.0% |
| Equity ratio | 75.5% | 76.9% | -1.4 pt |
| FY3/2027 guidance — revenue (¥ million) | 1,170,000 | — | +14.9% |
| FY3/2027 guidance — operating profit (¥ million) | 91,000 | — | +8.1% |
| FY3/2027 guidance — ordinary profit (¥ million) | 190,000 | — | +74.2% |
| FY3/2027 guidance — net profit (¥ million) | 190,000 | — | +42.9% |
| Annual dividend per share (¥) | 120.00 | 120.00 | unchanged |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.