Hanjin doubles net income for 2004

Hanjin doubles net income for 2004    Hanjin Shipping more than doubled its net income in 2004, with a 119-percent jump in earnings to 646 billion Korean won ($628 million).
   The latest annual result compares with a net income of Won295 billion in 2003, the company's previous record year.
   The Korean container and bulk shipping company’s operating income increased 90 percent to Won820 billion ($798 million) last year — representing 13 percent of revenue — from Won432 billion, or 8 percent of revenue, in 2003.
   Hanjin’s revenue for 2004 increased 11 percent to Won6.2 trillion ($6 billion) from Won5.6 trillion despite a modest 3.5-percent increase in TEU traffic to 2.68 million TEUs.
   Hanjin said its operating income in 2004 was “propelled by an increase in container transport volume and revenue subsequent to rate recoveries, efforts to reduce costs through the strategic CKYHS alliance, and a continuously strong bulk market.”
   It reduced its debt-to-equity ratio to 227 percent from 450 percent a year ago.