Samsun Logix performance depressed results in 2011

Samsun Logix Corporation (CEO Choong-Won Song), a Korean bulk carrier, announced on April 6th its negative performance for 2011.

The company marked its operating profit declined to KRW 8.4 billion from KRW 46.9 billion in 2010, a decrease of 82.1%. Further, net profit languished at KRW 11.4 billion, dropping by 91.3% from KRW 131.9 billion in 2010.

One small consolation amid the saddening results, the carrier saw its revenue slightly increase by 3.7% to KRW 486.6 billion compared with KRW 469 billion in 2010. Vessel operating income that was included in the revenue hit KRW 388.5 billion, climbing by 3.2%.

A spokesperson for Samsun Logix said, "Over supply of capacity, lower freight rates, and a depressed market for raw materials caused the tragic results in 2011." < 김보람 기자 brkim@ksg.co.kr >