Thursday, October 30, 2008

Daily news - 29 Oct

STX Pan Ocean Q3 net falls 15% to 107b won
STX Pan Ocean Co, South Korea's largest bulk-shipping line, said third quarter profit declined 15 per cent as the weaker won boosted the value of its foreign currency debt, eroding gains from higher rates. Net income in the three months ended September fell to 107.4 billion won (S$114 million) compared with 126.1 billion won a year earlier, the Seoul- based shipping line said in a statement yesterday. Sales jumped 95 per cent to 2.32 trillion won due to contracts signed earlier at higher rates.

Source: Kim Eng

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