STX Panocean still in the red in 3Q

STX Panocean, a Korean carrier, announced that its operating loss for the third quarter improved over 20%, but is still in the red at KRW -40.57 billion.

Moreover, the company said its net loss worsened by 157.1% to KRW -100.7 billion from KRW -39.18 billion last year.

However, the Korean-flagged carrier put up a 'not bad' defense that the company recorded KRW 1.3646 trillion in revenue. Revenue was practically the same compared with KRW 1.3469 trillion in 3Q 2011.

Meanwhile, STX Panocean also announced its 9-month accumulated financial results. Revenue from January to September was KRW 4.0241 trillion, down by 4.8% from KRW 4.2299 trillion for the same period last year.

The carrier's accumulated operating loss shrunk to KRW -274.9 billion. The loss increased by more than 6 times compared to last year at KRW -40.48 billion.

In addition, net loss from January to September expanded by 343.9% from KRW -70.01 billion to KRW -310.80 billion.

A representative from the carrier explained, "The damage that the BDI decreased about 45% over the year is reflected in our financial results in the third quarter."

He added, "In the forth quarter, however, the operating loss will improve due to the BDI rate rising and fuel prices decreasing in the third quarter." < 김보람 기자 brkim@ksg.co.kr >