Pan Ocean's full-year profit more than doubles on debt restructuring
SOUTH Korean bulk carrier Pan Ocean Co on Friday said full-year net profit more than doubled following its debt restructuring plan.
Net profit for the 12 months ended Dec 31, 2016, stood at US$83.7 million, up from US$34.1 million a year ago. Sales inched higher by 0.7 per cent to US$1.62 billion.
With its amended debt rehabilitation plan, the group recognised the profit and loss from debt restructuring including debt-equity swap.
It recorded a restructuring gain of US$83 million in 2016, reversing from a loss of US$115 million in 2015.
It said the dry bulk market is expected to revive itself as more bulkers are projected to be phased out by demolition this year. This comes even amid low demand for raw materials with structural changes in China.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
S&P slashes Boeing credit outlook as rating hovers above junk status
Honda to spend US$11 billion on EV strategy in Canada
GlaxoSmithKline sues Pfizer and BioNTech over Covid-19 vaccine technology
Mapletree Industrial Trust Q4 DPU rises 0.9% to S$0.0336
Nasdaq’s profit falls as shaky economy keeps IPO revival elusive
iFast Q1 net profit surges on ePension unit performance