K Line to adjust previous forecasts
The Japanese liner K Line is planning to record the extraordinary loss on valuation of investment securities in the consolidated financial results for the fiscal year ending 31 March 2020. These are investment securities classified as “available-for-sale securities”, where market value showed no prospects for recovery as a result of significant declines.
The shipping company said in a press release that the total amount of the loss on valuation of investment securities amounts to USD 48.9 million (JPY 5.3 billion) during the fourth quarter of its fiscal year.
Furthermore, it is forecasted that the financial results for the fiscal year ending 31 March 2020 are to be adjusted downward compared to the previous forecast announced on 31 January 2020. However, the other events shall be taken into consideration and the final consolidated financial results are scheduled to be announced on 11 May 2020. (mw)