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Biz News Korea(Eng)
Korean Air Lines shares rally after it is relieved of Hanjin Shipping
- Collected
- 2016.09.03
- Distributed
- 2016.09.05
- Source
- Go Direct
Korean Air has become the largest shareholder in Hanjin Shipping with a 33.2 percent stake through debt-to-equity swap and other rescue program.
Korean Air shares finished Friday at 35,000 won ($31), up 450 won, or 1.3 percent, from the previous session. The shares rose to 35,300 won in intraday trade to the highest level in 52 weeks. The shares jumped 6.87 percent on August 30 when creditor banks decided against injecting fresh funds to the troubled shipper. The stock gained 17.3 percent over the last three trading days.
The exposure to Hanjin Shipping has been weighing down on the flag carrier despite overall improvement in its own performance.
The airliner posted 159.2 billion won in a consolidated operating profit in the second quarter of this year, the best second quarter performance in six years. It nevertheless recorded a net loss of 250.8 billion won due to exposure to Hanjin Shipping-related losses. Its price-to-book ratio (PBR) hovered below 1.
The company is expected to benefit from cheap oil prices and increasing passenger demand and do well for the third quarter. But it has to reflect additional losses of 380 billion won following Hanjin Shipping’s insolvency.
By Lee Yong-gun
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