Korean line profits shrink

Korea Line Corporation announced that it recorded 48.1 billion won in net profit for the first half of this year, down 46% from the same period of last year.

The company recorded 539.9 billion won in sales and 28.5 billion won in business profit, each decreased by 5.1% and 64.1% as compared with last year.

An insider from the company said, "Business profits decreased because of a downturn in the dry cargo market, operational costs rose largely due to oil price increases and the strong won."