CK Line turns red in 2011

CK Line (CEO Ji-Su Kim), a Korean shipping company, announced it turned a loss in 2011.

The company revealed its annual results on April 6th for the 2011 fiscal year, which noted that CK Line recorded a KRW 3.5 billion loss in operating profit and a KRW 3.4 billion loss in net profit. These results both turned into the red from profitability of KRW 1 billion and KRW 1.6 billionin 2010.

The Korean carrier pointed the finger of blame that cost increases overtook sales growth. CK Line saw revenue up by 7.7% to KRW 164.9 billion compared with KRW 153.1 billion in 2010.

Transport income and charter income, which was included in the revenue, were measured each at KRW 143.9 billion and KRW 20.9 billion, climbing by 7.8% and 7.2%.

On the other hand, cost of sales increased to KRW 161.6 billion, up by 11.2%, compared with KRW 145.3 billion in 2010. < 김보람 기자 brkim@ksg.co.kr >