Korea Line logs operating income for 16th straight quarter
SEOUL-- Korea Line Corp., a mid-sized shipping firm, said Thursday that it posted an operating income of 21 billion won (US$19 million) in the third quarter of the year, almost triple that of a year earlier.
The company's latest operating profit figures mark the 16th straight quarter the shipping firm has been in the black.
It said that in the July-September period its net profit shot up 537 percent on-year to reach 38.2 billion won, with sales also rising 42 percent to 175 billion won over the same period.
In the first nine months of the year, Korea Line racked up an operating income of 58.5 billion won on sales of 517 billion won. Its net profit amounted to 49.6 billion won.
The sharp rise in its bottom line is attributable to increased revenue and a one-off gain stemming from the recovery of account receivables.
In 2013, Korea Line, the country's No. 2 bulk carrier, was acquired by SM Group. Korea Line currently operates 30 vessels hauling goods, such as iron ore, crude oil and cars, and its financial status has drastically improved since the takeover.
Source: Yonhap News Agency