Sun Kwang accomplishes double boosts in 2011

The view of Sun Kwang's logistic base

Sun Kwang, a Korean integrated logistics company, noticed its operating profit and net profit increased more than double compared with 2010 despite decreased revenue.

Sun Kwang gained KRW 92.9 billion of operating profit, soaring by 109.7% from KRW 44.2 billion in 2010. The company also saw its net profit increased by 118.3% to KRW 70.7 billion in 2011 from KRW 32.4 billion. The ratio of operating profit in 2011 reached 73.8%.

A representative of Sun Kwang explained, "The stocks of Fine Partners Corp. we had changed to investment stocks accounted in equity from asset available for sale, so several benefits gained." Fine Partners Corporation operates as a consumer finance company that engages in providing credit solutions. The company is based in Seoul, South Korea.

However, revenue slightly dropped by 5.5% to KRW 125.8 billion last year, compared with KRW 133.2 in 2010. The company pointed the finger of blame at weakness in its maritime affairs and loading & uploading sectors. < 김보람 기자 brkim@ksg.co.kr >