Samsun Logix goes deeper into the red in 2Q

Samsun Logix Corporation (CEO Chung-Won Song), a Korean bulk carrier, announced on August 20th its negative performance for the second quarter in 2012.

The company marked its 2Q operating profit declined to KRW -7.6 billion from KRW -2.7 billion in 2011, expanding its deficit. The figure also dropped over the first quarter when operating profit was KRW -2.6 billion.

Further, net profit plunged to KRW -29.7 billion, dropping from KRW 9.5 billion in the same period in 2011. In 1Q the company recorded KRW -2.5 billion of net profit, and as a result the losses increased by almost 10 times over the three months.

The carrier also saw its revenue decrease by 9.1% to KRW 109 billion compared with KRW 1,199 billion in 2011 2Q. Vessel operating income that was included in the revenue languished at KRW 91.3 billion, dropping by 51.2%.

Samsung Logix recorded KRW -10.3 billion in operating profit in the first half 2012, which was a turn into the red from KRW 2.9 billion during the same period of 2011.

During the first six months net profit was KRW -32.2 billion and revenue was KRW 231.6 billion, decreasing from KRW 22.2 billion and KRW 242.2 billion, respectively. < 김보람 기자 brkim@ksg.co.kr >