KAI’s operating profit surges 44 percent

KAI’s operating profit surges 44 percent

The nation’s lone aircraft-maker Korea Aerospace Industries said its operating profit surged 43.8 percent year-on-year to 81.2 billion won ($70.5 million) in the first quarter of 2016.

In a public filing, the company said its revenue rose 14.4 percent to mark 710.5 billion won and net profit jumped 72.7 percent year-on-year in the same period.

KAI’s shares rose 0.73 percent to close at 69,200 won Tuesday.

Meanwhile, the state-run Korea Development Bank, the largest shareholder of KAI with a 26.75 percent stake, does not have any plan to sell its stake in KAI, said a KDB spokesman, denying news reports that the policy bank might seek to unload KAI shares to raise capital amid possible debt restructuring for ailing companies such as shipping firm Hyundai Merchant Marine.

Foreigner holdings of KAI stood at 21.24 percent as of Tuesday, with a market cap of 6.74 trillion won.

Source : http://www.koreaherald.com/view.php?ud=20160426000912

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