KOREX continues its sweeping upturn in 1Q

Korea Express (KOREX. CEO Mr. Lee Hyeon-Woo) is riding high in the first quarter of 2012.

KOREX announced improved performance in 1Q on May 3. The company said it made KRW 31.7 billion in operating profit against KRW 17.6 billion the year before, soaring by 79.3%. It also increased by 13.3% from KRW 27.9 billion compared with the 4th quarter in 2011.

Net profit measured KRW 25.3 billion, jumping up by 73% from KRW 14.6 billion for the same period last year. KOREX showed KRW 18.1 billion of net profit, and as a result the company made a whopping 39.7% increase between quarters.

Revenue also improved slightly - KOREX recorded KRW 585 billion of revenue, climbing by 7.1% and 1.8% from 1Q and 4Q in 2011, respectively. The revenues were KRW 546.3 billion and KRW 595.4 billion in 1Q and 4Q, respectively.

A representative from KOREX said, “The eye-opening improvement in our performance was affected by vigorous business activities,” and “We have aggressively enticed new consignors, and in addition, cargo traffic increased in all business sections, including harbor loading, 3PL and parcel services.”

Meanwhile KOREX plans to strengthen its marine transport business for heavy cargo. The company already deployed 15,000 t of a heavy cargo carrier, the “KOREX SPB No.1”, delivered from Samjin Shipbuilding Industries in China. KOREX will receive the second ship in the series later this year. < 김보람 기자 brkim@ksg.co.kr >