Korea Line Corporation, a shipping sector affiliate of SM Group, reported on 12th that its operating profit increased by 31.5% year-on-year to 328.6 billion won.
During the same period, sales amounted to 1.7472 trillion won, reflecting a 25% increase, while net profit reached 165.8 billion won, an increase of 255.6%.
The operational improvement was influenced by the reflection of the performance of the two liquefied natural gas (LNG) carriers introduced in the second half of 2023 and housing sales.
Korea Line Corporation noted that this year's market conditions will be affected by the prolonged slump in China's steel demand and the intensification of protectionism since the beginning of the Trump administration in the U.S.
In the bulk cargo institutional sector, the company plans to focus its efforts on discovering new businesses along with its existing dedicated vessel services and to enhance its LNG bunkering capabilities.
Han Soo-han, CEO of Korea Line Corporation, said, "We will maximize business revenue by adopting an aggressive yet strategic fleet operation and risk management to prepare for the volatility of the bulk carrier market."