Hanjin KAL swings to operating loss on waning one-off gains in South Korea

Hanjin KAL said in a filing on Feb. 5 that it was tentatively tallied to have posted 298.9 billion won in sales on a consolidation basis last year, with an operating loss of 7.3 billion won.

Sales rose 2.3% from a year earlier, but operating profit turned to a loss from the previous year (49.2 billion won). Net income was 150.2 billion won, down 70.7% from a year earlier.

Regarding the swing to a loss, Hanjin KAL said it was a "base effect" from one-off gains reflected from the sale of subsidiary Waikiki Resort Hotel in the prior year, adding that it posted an operating loss due to one-off expense and that net income was reduced by weaker results at subsidiaries.