Korea Line Corp., South Korea's second-largest bulk shipping line, said Tuesday that it swung to a loss in the third quarter of the year due to a fall in freight rates. Net loss reached 153 billion won (US$132 million) in the July-September period, compared with a profit of 164 billion won a year earlier, the company said in a regulatory filing.
Sales also dropped 39 per cent to 545 billion won over the cited period. The shipper suffered an operating loss of 93 billion won in the third quarter, swinging from an operating profit of 192 billion won.
Shares of Korea Line were trading at 44,450 won on the Seoul bourse as of 2:30 p.m., down 2.74 per cent.
Sales also dropped 39 per cent to 545 billion won over the cited period. The shipper suffered an operating loss of 93 billion won in the third quarter, swinging from an operating profit of 192 billion won.
Shares of Korea Line were trading at 44,450 won on the Seoul bourse as of 2:30 p.m., down 2.74 per cent.