SM Group shipping institutional sector affiliate Korea Line Corporation(005880) said on the 18th that, on a consolidation financial statement basis, operating profit in the second quarter this year was 63 billion won, up 91% from a year earlier, according to preliminary figures.
Revenue was tallied at 312.8 billion won, down 6% from the same period a year earlier. It inched down due to the impact of the construction pre-sale business in the non-shipping institutional sector.
Korea Line Corporation said it built a business structure centered on dedicated carriers as favorable shipping market conditions continued, and improved its results by expanding time-charter operations. Along with two secondhand vessels introduced last year, operating performance from long-term transportation contracts signed with Korea East-West Power (EWP) and others has also been fully reflected since the first quarter this year.
Korea Line Corporation's debt ratio fell to 64% as of the second quarter, extending its decline. The debt ratios for 2024 and 2025 were around 100% and 70%, respectively.
Min Sang-gi, CEO of Korea Line Corporation, said, "In addition to short-term market responses, we will secure sustainable growth engines by more aggressively targeting high value-added markets and exploring new businesses from a mid- to long-term perspective."