South Korea’s Busan Port Authority (BPA) ended 2014 with a KRW 107.7 billion net income (USD 97 million), marking eleven consecutive years of positive operating results, ever since its establishment in 2004.
Total revenue increased by 24.6% to KRW 348.6bn (USD 314m), with KRW 240.9bn (USD 217m) in operating expenses.
BPA said that it has lowered rental fees to operators because it is going through management difficulties triggered by the transfer of container shipping from Busan North Port to Busan New Port.
As of last year, the total assets of BPA were valued at KRW 5.4 trillion (USD 4.86bn), a 4.31% year-on-year increase compared to KRW 5.2trn (USD 4.68bn).