Korea Express - record high profits, 51.1 billion won

Korea Express pulled in record high first half profits this year with 51.1 billion won before tax, said the company on July 13.

This figure showed an increase of 131 percent, or 29 billion won, over the same period of last year. Ordinary profits are expected to hit 20.1 billion won. Given this stunning degree of success, the company expects annual sales to surpass the 1 trillion won mark, well over its previously set annual sales goal for this year, 18 billion won.

The company said, "Straightening out the low-profit businesses, we took in 473 billion won in sales, a decrease of 8.3% from a year ago. However, we earned 31 billion won in special profits from lowered interest rates. This helped our profits."

Korea Express is expected to emerge as the best among the 62 companies under court receivership by the Seoul District Court because it recorded the highest number, a 3.52 interest return ratio, which showed its ability to handle interest with sales profits.

In the mean time, Korea Express received applications from 15 companies to lead in its merger and acquisition management when it posted ads on its homepage with an application due date of August 10. The company plans to select a leading management company within the year, after screening companies for working quality and service fees.