Singapore
SOUTH Korean bulk carrier Pan Ocean Co Ltd reported on Monday that its net profit for the first quarter ended March 31, 2016, fell 39.6 per cent to US$61.4 million, from US$101.6 million a year ago.
Following a rehabilitation plan, Pan Ocean recognised the profit for "waiver from debt" due to debt-equity swap. The profits for the waiver fell by US$38 million to US$51 million, from US$89 million a year ago.
The group - which emerged from receivership in early 2015 - achieved sales of US$376.6...