STX Pan Ocean swings to loss in 2009

SEOUL, Feb. 18 (Yonhap) -- STX Pan Ocean Co., South Korea's leading bulk carrier,
said Thursday that it swung to a loss last year on falling trade and freight
rates.
The company posted a loss of 27.6 billion won (US$24.1 million) last year,
shifting from a profit of 535 billion won a year earlier, the company said in a
regulatory filing.
Sales dropped 53.1 percent to 3.99 trillion won over the cited period. The
shipper also suffered an operating loss of 82.1 billion won last year, compared
with an operating income of 674 billion won a year earlier, it said.
Shares of STX Pan Ocean were trading at 11,200 won on the Seoul bourse as of 1:55
p.m., down 0.44 percent.
sam@yna.co.kr
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