Korex made 9.2 billion won in ordinary profit in first quarter

The nation's largest logistic firm, Korea Express Co., Ltd., posted 9.2 billion won in ordinary profit in the first quarter of this year.

Korea express revealed, "We expected reduced ordinary profits in the wake of falling external credibility and court receivership, compared to last year's 9.1 billion won. However, we achieved 9.2 billion won thanks to sales activities and voluntary restructuring, passing last year's record."

Since 1998, when Korea Express saw huge losses of 88.9 billion won, it has regained profitability, recording 14.1 billion won in the black in 1999, and 25.5 billion won last year.

Furthermore, it sharply improved its financial condition by lowering its debt ratio to 109 percent at the end of last year from 162 percent at the end of 1998.