KSS Line faces huge losses in 3Q

KSS Line, a Korean carrier, saw its 3Q net profit sharply reduced by 86.8% to 252.6 million from 1.9 billion compared with the same period last year.

The company also faced great losses in its operating profit decreasing 39% to 4.1 billion from 6.7 billion. The carrier recorded 24.1 billion in revenue, dropping 12.9% from 27.7 billion in 2010 3Q.
But KSS Line saw its ‘not too shabby’ accumulated results from January 1st to September 30th, 2011. The company’s net profit reached 19.3 billion, increasing 129.7% from last year’s.

Operating profit for the company soared 54.3% to 25.8 billion from 16.7 billion, but revenue decreased 12.8% to 69.2 billion from 79.4 billion compared with 1Q-3Q in 2010.

Meanwhile the company ordered 35,000 CBM of gas carriers to expand its vessels. They will be delivered in May 2013. < 김보람 기자 brkim@ksg.co.kr >