Hyundai recovered in first half

Hyundai recovered in first half    Hyundai Merchant Marine returned to the black in the first half of this year with a net income of Won171.4 billion ($147 million), compared to a net deficit of Won91.5 billion in the first six months of 2003.
   Operating income rose 174 percent from the last year’s Won95 billion to Won260.5 billion ($224 million) in the latest six-month period — the highest half-year operating profit in the company’s history. Operating income in the first half amounted to 11 percent of revenue.
   Revenue was up 30 percent to Won2.4 trillion ($2.1 billion) from Won1.9 trillion.
   In a letter to shareholders, Noh Jeong-ik, president and chief executive of Hyundai Merchant Marine said: “The surprise earning results of the first half are the result of HMM dealing effectively with the changeable management situation — such as the recovery in advanced economies — and through the benefits on the shipping market of the ‘China effect.’ “
   For the second quarter, Hyundai also reported a 67-percent increase in operating income to Won134.7 billion ($115 million) and a 27-percent rise in revenue to Won1.3 trillion ($1.1 billion).
   Hyundai said it has lowered its debt ratio to 437 percent from 666 percent at the end of 2003.
   The company expects future performance to improve with the increase in container cargo volume in the third quarter. It said it is “optimistic” about making a net profit this year. In 2003, the company made a loss of Won21.1 billion ($18 million).