Meiji builds up profit

Diversified Japanese owner posts strong result for the nine months to December but lowers full year forecast.

Meiji Shipping has booked a bigger profit between April and December on the back of increased revenue.

It said net profit for the nine-month period was JPY 2.1bn ($17.4m) compared to JPY 1.98bn in the same period of 2014.

Meiji, which owns a mixed fleet of tankers, bulkers and car carriers, saw its revenue rise to JPY 26.4bn from JPY 23bn.

But it is projecting a profit of JPY 1.2bn for the full year, suggesting a loss for the remaining months ahead.

The Japanese company posted a loss of JPY 2.44bn in 2014.