SHIPPING and logistics conglomerate NYK reported decreases in revenues and profits in the first quarter of the Japanese financial year, which began on 1 April.

For the three months through the 30 June, NYK reported a 15.7% year-on-year decrease in revenues to ¥567.5 billion.

In a statement the company said this result was driven by decreases in air and ocean freight volumes, as well as declines in freight rates.

The company’s operating profit fell 47.2% to 47 47.1 billion and its recurring profit decreased 76.3% to ¥89.4 billion.

The company said in its liner trades division, supply and demand conditions loosened due to the elimination of supply-chain disruptions and freight rates fell significantly.

Also, in the air cargo space, NYK said freight rates fell as a result of weaker cargo volumes and increased supply of space following the resumption of international passenger flights.