STX Pan Ocean-Q1 earnings

STX Pan Ocean loses US$70 mln in Q1
SEOUL, May 15 (Yonhap) -- STX Pan Ocean Co., South Korea's biggest bulk shipping
line, said Friday it swung to a net loss in the first quarter from a year earlier
on falling freight rates and low shipping demand.
STX Pan Ocean lost US$70 million in the January-March quarter, compared with a
net profit of $285 million a year earlier, said the company which is listed on
both the Korea Exchange and the Singapore Exchange.
Sales reached $769 million during the cited period, compared with $2.25 billion a
year earlier, with its operating balance turning to a deficit of $28 million from
a profit of $327 million, STX Pan Ocean said.
Shares of STX Pan Ocean closed at 11,850 won on the Seoul bourse, down 3.27
percent from Thursday's close.
pbr@yna.co.kr
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