Yamato raises profit forecast, price hikes propel recovery (updated)
30/01/2018 06:55
* Raises FY net operating profit forecast to Y31 bln
* Q3 operating profit Y45 bln - Reuters calculation
* Higher delivery prices helped profit recovery
(Adds details, background)
TOKYO, Jan 30 (Reuters) - Yamato Holdings Co Ltd 9064.T ,
Japan's biggest parcel delivery firm, raised its forecast for
its annual operating profit to 31 billion yen ($285.14 million)
from 25 billion yen previously as higher delivery prices and
curbs on parcel volumes helped it return to profit in the third
quarter.
Yamato posted a 21.3 percent rise in third-quarter operating
profit to around 45 billion yen, calculations based on the
company's results for the first nine months of the fiscal year
showed.
The company, known for its black cat logo, has become a
symbol of the country's struggle with labour shortages,
grappling with a dearth of drivers and surge in parcel volumes
as online shopping grows.
For the six months ended in September, Yamato posted an
operating loss of 12.9 billion yen.
The delivery business has been trying to improve margins by
raising prices for retail and corporate customers in recent
months, along with measures such as curbing parcel volumes and
limiting its scheduled delivery times.
Labour-saving measures include opening a new logistics
facility outside Tokyo to automate parcel-sorting work currently
done by an army of part-time workers. urn:newsml:reuters.com:*:nL4N1OF2U3
($1 = 108.7200 yen)
(Reporting by Sam Nussey; Editing by Jacqueline Wong)
((Ritsuko.Ando@reuters.com; +81 3 6441 1743; Reuters Messaging:
ritsuko.ando.thomsonreuters.com@reuters.net))
Keywords: YAMATO HOLDINGS RESULTS/