HANJIN SHIPPING PREDICTS HIGHER ANNUAL PROFITS

HANJIN SHIPPING PREDICTS HIGHER ANNUAL PROFITS    Hanjin Shipping forecasts that it will report higher profits for the current financial year, due to end on Dec. 31, following positive results during the first three quarters.
   The Korean shipping group said that it expects to exceed its target of Won80 billion (about $70 million) in net income and Won4 trillion (about $3.5 billion) in sales for the whole of this year.
   “Full-year profits for 2000 should be significantly ahead of last year,” a spokesman for the company said. In 1999, Hanjin Shipping made a net income of Won37 billion ($32 million) on revenues of Won4 trillion ($3.5 billion).
   Hanjin Shipping reported Won45 billion ($40 million) in net profits for the third quarter of this year, a rise of 49 percent over the second-quarter period. Freight revenue for the latest quarter was Won1.07 trillion ($942 million), operating income came to Won145 billion ($128 million) and ordinary income was Won67 billion ($59 million).
   Hanjin said that its results reflected the company’s continued efforts to cut costs, strengthening freight rates, and increased demand for transportation of goods in Asia and elsewhere.
   In a separate development, Hanjin Shipping has been awarded company-wide ISO14001 certification covering management in accordance with environmental standards, safety and quality.
   The financial results of Hanjin Shipping and other carriers are posted on www.compairdata.com, the global liner shipping database.