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Economy in brief: Soechi sees net profits surge
Oil and gas tanker company Soechi Lines saw its net profits surge by nearly seven times during the first quarter of the year, despite a slowdown in the industry
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il and gas tanker company Soechi Lines saw its net profits surge by nearly seven times during the first quarter of the year, despite a slowdown in the industry.
Soechi Lines booked around a 30 percent annual growth in its January-March revenue to US$33.95 million, according to a recent public announcement.
Besides this, declining finance costs and currency gains have led the company's net profit to skyrocket to $12.2 million in the first quarter of this year from $1.88 million in the same period last year.
The company registered around a 35 percent decline in its costs to $1.7 million during the reported period, after the company used the $582.4-billion proceeds of its initial public offering carried out November last year to refinance its debts.
It further saw $2.98 million in gains in foreign exchange (forex), replacing $3.96 million losses in forex that it booked in the same period last year.
Taye Shim from KDB Daewoo Securities said that while Soechi's first-quarter financial growth was mostly driven by non-operational factors, such as forex, the newly-listed company still displayed promising core business growth.
