STX Pan Ocean Q3 net drops on falling shipping rates

SEOUL, Nov. 12 (Yonhap) -- STX Pan Ocean Co., South Korea's leading bulk carrier,
said Thursday that its third-quarter profit dropped sharply from a year earlier
on falling freight rates.
Net income reached 9.6 billion won (US$8.3 million) in the July-September period,
compared with a profit of 145 billion won a year earlier, the company said in a
regulatory filing.
Sales also dropped 55 percent to 1.25 trillion won over the cited period. The
shipper suffered an operating loss of 26.5 billion won in the third quarter,
compared with an operating income of 163 billion won a year earlier.
Shares of STX Pan Ocean rose 0.9 percent to 11,300 won on the Seoul bourse.
In a separate filing, the shipper said it plans to invest $880 million by 2012 on
eight very large ore carriers.
sam@yna.co.kr
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