STX Pan Ocean swings to profit in 2010

STX Pan Ocean Co., Korea's largest bulk shipping line, said Thursday that it returned to the black last year on increased shipping demand and decreased costs.

Net profit reached 109 billion won ($97.5 million) last year, compared with a loss of 27.6 billion won a year earlier, the company said in a regulatory filing.

Sales surged 45 percent to 5.77 trillion won over the cited period. STX Pan Ocean posted an operating income of 122 billion won last year, also shifting from an operating loss of 82.2 billion won a year earlier, it said.

STX Pan Ocean said it plans to pay 21 billion won, or 100 won a share, in dividends.

Shares of STX Pan Ocean were trading at 10,450 won on the Seoul bourse as of 2:30 p.m., down 0.95 percent. (Yonhap)