[THE INVESTOR] Slightly over 8 percent major listed companies suffered a double whammy of operating and net losses in 2015, data showed on Aug. 31.

According to the data by the Korea 20000 Corporate Research Institute, 23 of the 273 listed companies with sales of at least 500 billion won (US$447 million), or 8.4 percent, reported both operating and net losses last year.

Of the total, 27 companies posted operating losses, while 55 firms registered net losses. The data also showed 11 of the 23 companies having a debt-equity ratio in excess of 200 percent.

As of end-2015, troubled Daewoo Shipbuilding & Marine Engineering, which logged both operating and net losses, had a debt-equity ratio of over 7,000 percent.

The debt ratio of STX Offshore & Shipbuilding, another struggling shipyard, stood at more than 1,300 percent after registering both operating and net losses.

Hyundai Merchant Marine, the country’s No. 2 shipping line that was separated from Hyundai Group last month following a cash crunch, posted a debt-equity ratio of 1,565 percent. The company chalked up a net loss of some 600 billion won last year.

Hanjin Shipping, South Korea’s largest shipper, reported a debt-equity ratio of 817 percent as of the end of last year, which worsened to 1,011 percent in the first half of this year.

Creditors on Aug. 30 decided not to extend additional support to the cash-strapped shipper, triggering speculation about its possible court receivership.

(theinvestor@heraldcorp.com)