Seoul: PanOcean Co., a major bulk carrier in South Korea, announced a net profit of 48.7 billion won (US$33.4 million) for the fourth quarter, marking a significant turnaround from a loss of 32.9 billion won in the same period the previous year.

According to Yonhap News Agency, the company's operating income for the October-December quarter increased by 18.8 percent year-on-year to 130.4 billion won. However, PanOcean experienced an 11.9 percent decline in revenue, which amounted to 1.47 trillion won during the period.

Despite the positive net profit, PanOcean's earnings did not meet market expectations. Analysts had predicted an average net profit of 86 billion won, as per a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.