Sammok Shipping's revenue soars 50% up

Sammok Shipping (President Un-seon Choi), a Korean carrier, noticed its revenue for 2011 up over 50%, but operating profit was down by half of 2010's results.

The Korean-flagged carrier released its business report for 2011 on April 6th that the company recorded KRW 97.7 billion in revenue. Revenue soared by 54.4% compared with KRW 63.2 billion in 2010.

Net profit also jumped to KRW 5 billion, up by 41.3%, from KRW 3.5 billion last year. But the company saw disappointing operating profit. Sammok Shipping's operating profit stayed at KRW 1.5 billion, dropping by 61.5% from KRW 3.9 billion in 2010.

A representative of the carrier explained, "The damage for cancellation of a long-term charter contract with Korea Line Corporation (KLC) was appropriated on non-operating profit, so our net profit increased." < 김보람 기자 brkim@ksg.co.kr >