SEOUL, Aug. 13 (Yonhap) -- PanOcean Co., a major bulk carrier in South Korea, said Tuesday that its second-quarter net profit dropped slightly from a year earlier due to decreased freight rates.
Net profit for the April-June period reached 36.9 billion won (US$30 million), down 1.1 percent from a year ago, the company said in a regulatory filing.
Operating income inched up 0.8 percent on-year to 50.5 billion won, while sales fell 6.8 percent on-year to 632.3 billion won in the second quarter.
PanOcean said a drop in the Baltic Dry Index (BDI), a measure of shipping costs for commodities, led to a decline in sales in the second quarter, while the ongoing U.S.-China trade war also reduced demand for shipping.
In the first six months, PanOcean logged a net profit of 65 billion won, down 13.4 percent from a year ago. Sales slid 6.4 percent on-year to 1.1 trillion won, but operating profit advanced 1.4 percent on-year to 95.4 billion won.
Wealth management service increasingly popular in S. Korea
BOK tipped to continue monetary easing, at least another rate cut in offing
Policy support to add further recovery momentum in 2020
Hyundai tipped to shine on SUVs while smaller rivals face bumpy road in 2020
Seoul-Tokyo trade row averts worst case