Hanjin’s net income up 2.3%

Hanjin’s net income up 2.3%    Seoul-based Hanjin Shipping today reported a 2.3 percent rise in third quarter net income to Won176.3 billion ($168 million), from Won172.3 billion in the same quarter last year.
   Hanjin said the rise in net income was due to an increase in non-operating profits and the introduction of tonnage tax.
   Operating income in the latest quarter slumped 43 percent to Won145.4 billion ($139 million), compared to Won254.4 billion in the in the third quarter 2004. The company blamed the operating income decline on a rise in bunker purchasing price and continuing weakness in the U.S. dollar.
   Hanjin’s third-quarter revenue dropped 6 percent to Won 1.51 trillion from Won1.60 trillion a year earlier, although the company’s revenue in U.S. dollars increased 5.5 percent to $1.47 billion from $1.39 billion in the year prior quarter.
   The Korean carrier said it transported 731,437 TEUs in the latest quarter, up 6 percent from 687,833 TEUs in the third quarter 2004.