Decline in International Transportation Demand and Business Performance Volatility
First written in FY2023-Q3. 10 of 15 entries say "Worsened", first in FY2024-Q1. Latest entry: 2026-11-06.
Sg Holdings moved to the "Worse" side of this theme in 2023, 4 years after the typical company in this theme (2019).
The whole theme swung hardest in 2022: 7 of 7 companies on the "Worse" side.
2 other companies' latest entry also says "Mitigated".
- 2026-11-06MitigatedRevisions to earnings forecasts
「これらにより、営業収益、営業利益ともに計画を上回って推移しております。」
グローバル物流事業では、輸送需要・運賃環境の影響を受けつつも、営業収益と営業利益が計画を上回る状況となった。 - FY2026WorsenedAnnual report
「As a result, operating revenue for the segment was ¥321,596 million, up 25.4% year on year, while operating profit was ¥137 million, down 96.1%.」
Although the consolidation of Morrison increased revenue, the global logistics business was unable to absorb the sluggish volumes and freight rates at EXPOLANKA resulting from U.S. trade policy and other factors, and operating profit fell 96.1%. - FY2026-H1WorsenedAnnual report
「Air and sea freight rates declined during the current cumulative second quarter due to a general decline in transport demand resulting from the impact of U.S. trade policy and other factors. …Operating profit was ¥729 million, down 62.8%.」
Although the consolidation of Morrison increased revenue, operating profit in the global logistics business fell 62.8% year on year in the interim period due to lower transport demand and freight rates resulting from trade policy and other factors, as well as lower revenue at EXPOLANKA. - FY2025MitigatedAnnual report
「Volumes of sea and air freight remained strong due to the impact of the Red Sea situation mentioned above and the acquisition of new customers. As a result, operating revenue for the segment was ¥381,339 million, up 73.5% year on year, and operating profit was ¥6,856 million, compared with an operating loss of ¥4,854 million in the previous fiscal year.」
International transport volumes recovered and increased, and the logistics business shifted from an operating loss to operating profit. The impact of declining international transport demand and earnings volatility has eased. - FY2025-H1MitigatedAnnual report
「Handling volumes for ocean and air freight performed well, supported by the above factors and the acquisition of new customers. As a result, operating revenue for the logistics segment in the six months ended the interim period was ¥166.193 billion, up 56.3% from the same interim period of the previous year, while operating profit was ¥3.457 billion, compared with an operating loss of ¥1.439 billion in the same period of the previous year.」
International transport volumes remained strong, and the logistics business shifted from an operating loss to operating profit, easing the deterioration in earnings. - FY2024WorsenedAnnual report
「In the logistics business, although signs of a recovery in consumer sentiment in the United States had begun to emerge, concerns about slowing economic growth against a backdrop of monetary tightening due to inflation and other factors persisted, and volumes of sea and air freight declined. As a result, operating revenue for the segment was ¥219,761 million, down 30.2% year on year, and the segment posted an operating loss of ¥4,854 million, compared with operating profit of ¥19,239 million in the previous fiscal year.」
The decline in international transport demand continued throughout the fiscal year, with logistics business operating revenue down 30.2% year on year and the business shifting from operating profit to an operating loss of ¥4,854 million. - FY2024-Q3WorsenedAnnual report
「In the logistics business, although signs of a recovery in consumer sentiment in the United States had begun to emerge, concerns about an economic downturn against a backdrop of monetary tightening due to inflation and other factors persisted, and volumes of sea and air freight declined. As a result, operating revenue for this segment during the cumulative third quarter was ¥163,467 million, down 39.2% year on year, and the segment posted an operating loss of ¥2,714 million, compared with operating profit of ¥17,948 million in the same quarter of the previous year.」
The decline in international transport demand continued, with logistics business operating revenue down 39.2% year on year and the business shifting from operating profit in the same period of the previous year to an operating loss. - FY2024-Q2WorsenedAnnual report
「As a result, operating revenue for this segment during the cumulative second quarter was ¥106,338 million, down 48.0% year on year, and the segment posted an operating loss of ¥1,640 million, compared with operating profit of ¥14,516 million in the same quarter of the previous year.」
The decline in international transport demand and stagnation in sea and air freight rates continued, with logistics business operating revenue down 48.0% year on year and an operating loss of ¥1,640 million. - FY2024-Q1WorsenedAnnual report
「As a result, operating revenue for this segment during the cumulative first quarter was ¥51,244 million, down 55.1% year on year, and the segment posted an operating loss of ¥1,139 million, compared with operating profit of ¥8,331 million in the same quarter of the previous year.」
The decline in international transport demand and falling freight rates continued, with logistics business operating revenue down 55.1% year on year and the operating result worsening to an operating loss of ¥1,139 million. - FY2023MaterialisedAnnual report
「Volumes of sea and air freight fell substantially, due to concerns about an economic downturn against a backdrop of inflation and monetary tightening, as well as excess inventories, particularly of consumer goods in the United States. …Operating revenue was ¥314,877 million, down 34.0% year on year, and operating profit was ¥19,239 million, down 60.3%.」
The decline in international transport demand and earnings volatility materialized, with operating revenue in the logistics business down 34.0% year on year and operating profit down 60.3%. - FY2023-Q3First statedAnnual report
「Ocean and air cargo volumes have also fallen substantially below the initial forecast, and the high volatility of international transportation performance in the logistics business has reached a point where it is affecting the consolidated financial position and operating results.」
The risk that international transport volumes would fall substantially below the initial forecast and that volatility in international transport earnings would affect consolidated results was identified independently and specifically for the first time as a significant change.