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Biz News Korea(Eng)
LG International to be helped by logistics and coal price recovery
- Collected
- 2017.01.03
- Distributed
- 2017.01.04
- Source
- Go Direct
이미지 확대The company in early 2015 purchased a 51 percent stake in Pantos Logistics Co., sea and air freighter, and had it merge with Hi Logistics Co. that was in charge of land distribution and storage for LG Electronics Inc. in October the same year.
The LG trade arm was able to cover land, air, and sea delivery services through the M&A. Logistics revenue surged to 2.8 trillion won ($2.3 billion) last year from 1.5 trillion won in 2015. Sales are estimated to top 3 trillion won this year.
Industry watchers bet on an initial public offering of Pantos Logistics in the near future, although LG maintains it does not have an immediate plan.
LGI’s Vice President Koo Kang-mo, heir-apparent to LG Group - owns 7.5 percent of Pantos Logistics, implicating the importance of the company’s role in the process of Koo building influence to command the group.
Pantos could be worth 1 trillion won once it joins the bourse and can help bolster the capital base of LGI currently valued at 1.15 trillion won.
LGI’s other operations are also improving. Its net loss jumped to 217 billion won in 2015 from 13.8 billion won in 2014 due to heavy losses in overseas resource development amid depressed oil prices. Coal prices have recovered sharply from late last year, helping the balance sheet from last year.
Samsung Securities Co. estimated the company to report an operating profit of 221.6 billion won this year, up 33.3 percent from last year’s estimated figure.
By Hong Jang-won
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]