Japan’s Kawasaki Kisen Kaisha (K Line) has decided to reduce the pay of its executives by 10% from April 2019 as the shipping company is working towards improving its financial strength.
K Line’s executive remuneration will be reduced over a period of six months as compared to 2018 fiscal year.
The reduction comes in order for K Line to clarify its management stance towards the recovery of the company’s business performance during 2019 fiscal year, the company said.
For the fiscal year ended March 31, 2019, K Line suffered a loss of JPY 111.2 billion (around USD 1 billion), compared to a profit of JPY 10.4 billion seen in the previous fiscal year. The net result was negatively impacted mainly by losses in the company’s containership business it jointly owns with MOL and NYK.
“K Line and our group companies will continue to strive as one to improve profit and loss under the new management, being strongly determined to make every possible effort to again return to the black in 2019,” the company said in a statement.
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