[THE INVESTOR] Korean Air Lines
, the largest shareholder of Hanjin Shipping
, on Oct. 25 made it clear that there will be no additional aid to the cash-strapped shipper that has been put under court receivership since early this month.
“We expect no more impact from funding to Hanjin Shipping,” a Korean Air executive said during a conference call on the day.
“We will continue efforts to improve our financial structure, including issuing additional perpetual bonds.”
Hanjin Group Chairman Cho Yang-ho
The remarks came after the nation’s largest flag carrier reported its record quarterly earnings in the July-September period. The company said its third-quarter operating profit surged 34.9 percent to 447.6 billion won (US$393 million) compared to a year ago.
It said the losses from its funding to Hanjin Shipping, worth a combined 825.1 billion won, have already been reflected in its earnings in the first to third quarters this year.
By Lee Ji-yoon (firstname.lastname@example.org