Japanese shipping line NYK has announced a net loss of US$903m for its 2011 fiscal year ended March 31, reports www.joc.com.

The company blamed declining revenue and rising costs for the 2011 result, but predicts a profit for the current financial year, the website said.

According to the report, NYK's shipping division reported an operating loss of US$545m, reversing a US$387m profit in 2010, as revenue fell 9.4 per cent to US$5.3bn.

But NYK president Yasumi Kudo predicted a US$287m profit this year on a 10.6 per cent increase in group revenue to US$25bn.