Yonhap reported that South Korea's shipbuilding and shipping conglomerate STX Group is targeting KRW 33 trillion in sales in 2012, up by 14% YoY from KRW 29 trillion in 2011.

The group said that it also is aiming for KRW 43 trillion worth of orders in 2012 as compared with KRW 30 trillion in 2011.

STX Group said earlier that it will seek to boost sales to around KWR 120 trillion by 2020.

The conglomerate owns STX Offshore & Shipbuilding Co, the country's fourth largest shipbuilder, and STX Pan Ocean Co, the nation's leading bulk shipping firm, and other firms. Since early 2000, STX has been aggressively expanding its business portfolio by acquiring many firms.

Meanwhile, STX Pan Ocean said in a separate statement that it is targeting USD 6 billion in sales in 2012. The shipper said it will boost profitability through cost-cutting efforts and seek new revenue sources to diversify its business portfolio.

STX Pan Ocean said earlier it is targeting KWR 20 trillion in sales by 2020.

(Sourced from www.yonhapnews.co.kr)