NIPPON EXPRESS HOLDINGS has adjusted its fiscal year 2023 consolidated outlook, citing weaker global cargo demand. Sales forecast was revised down from 2,450 to 2,330 billion yen (-4.9% YoY), with operating profit down from 105 to 84 billion yen (-20%), and final profit down from 72 to 55 billion yen (-23.6%). Core logistics business sales fell 16.4% to 958.062 billion yen due to sluggish international cargo movement, notably in automobiles, semiconductors, and electronics. East Asia sales dropped 37.9%, and South Asia & Oceania sales declined 38.6%, partly attributed to easing supply-demand imbalance in air and ocean freight.
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