Corporate Information

Polaris Shipping, a local bulk carrier, said it repaid an additional 180 billion won out of 340 billion won borrowed from Meritz Securities in September last year.

Following the repayment of 70 billion won at the end of last year, the balance of Meritz Securities loans has decreased to around 90 billion won as the amount of early repayment has been increased to a total of 250 billion won this time. The company plans to reduce the amount of short-term loans to around 20 billion won by the end of the year.

Separately, Polaris Shipping received back 85.6 billion won in bonds it had lent to its holding company Polar Energy & Marine. The parent company repaid 53.1 billion won last year and 32.5 billion won in the first quarter of this year to Polaris Shipping, respectively.

Polaris Shipping approved the financial statements at the 21st general shareholders' meeting held on March 28. According to financial statements, the company posted sales of 1.1913 trillion won, operating profit of 165.5 billion won, and net profit of 152.3 billion won last year.

Compared to a year ago, sales and operating profit decreased by 4% and 19%, respectively, but net profit increased by 64%. The operating profit ratio was 14% and the debt ratio was 353%.

A company official said, "We have secured financial stabilization and transparency in fund transactions between affiliates by reducing the size of loans to address high interest costs and repaying all loans from holding companies."