Sinokor sets fourteen-fold growth in net profit in 2Q

Sinokor's " Fortune Trader "

Sinokor Merchant Marine (President Jeong Tae-Soon), a Korean carrier, posted a better than expected increase in the second quarter profit thanks to its bulk carrier division.

The second quarter net profit rose to KRW 20.4 billion, soaring 14.5 times from KRW 1.4 billion in 2Q 2011. The company also saw the operating profit grow to KRW 23.1 billion, increasing over 8 times from KRW 2.8 billion a year earlier.

Revenue was up 9.6% to KRW 119.1 billion in the second quarter from KRW 181.7 billion last year. The company gained KRW 157.7 billion for freight receipts and KRW 32.5 billion for charter income. The freight receipts increased by 19.8% compared with the same period last year, but charter income decreased by 4.3%.

In addition Sinokor saw its revenue in the first half in 2012 rise 8.9% to KRW 398.1 billion compared to KRW 365.4 billion last year. Operating profit and net profit also soared from last year to KRW 51.9 billion and KRW 25.1 billion or 195% and 370%, respectively. The company recorded KRW 17.6 billion for operating profit and KRW 9.6 billion for net profit in the first six months of 2011.

Sinokor said its figures were buoyed by successful GRI in not only ocean liners, but also, “neighboring seas” and ”in the bulk carrier sector, we signed a long-term contract with Hyundai Steel, which has added to our income stability.” < 김보람 기자 brkim@ksg.co.kr >