Hanjin Shipping’s net profit up 168% in first nine months

Hanjin Shipping’s net profit up 168% in first nine months    Hanjin Shipping reported a sharp rebound in its financial results for the first nine months, with operating profit soaring to 276 billion Korean won ($230 million), from Won6 billion, and net profit climbing 168 percent, to Won207 billion ($180 million), from Won77 million in the corresponding period of 2002.
   Revenue also rose fast over the same period, to Won4.1 trillion ($3.5 billion), an increase of 23 percent compared to the first nine months of 2002.
   Hanjin said that revenue from its container division rose by 35 percent, to Won2.8 trillion ($2.4 billion), helped by a 11.7-percent increase in transport volume, to 1.92 million TEUs, and by freight recovery.
   Revenue from other divisions, including bulk, was up 3 percent in the first nine months, to Won1.3 trillion ($1.1 billion).
   Operating income showed a 4,286 percent increase compared to the low figure recorded last year.
   “Strength in the China market and service enhancement through the CKYHS (alliance) induced a transport volume increase of 11.7 percent, while the strong supply/demand balance in market overall helped with freight recovery,” Hanjin said.
   The Korean shipping company added that a market upsurge in its dry bulk division also contributed to its higher operating income.