Hanjin Shipping’s operating income up 208% in second quarter

Hanjin Shipping’s operating income up 208% in second quarter    Hanjin Shipping said its second quarter operating income climbed 208 percent to 221.5 billion Korean won ($190 million), providing the latest evidence of another dramatic improvement in profit this year for container shipping lines.
   The Korean carrier cited the continued recovery of the liner market and a surge in Asian cargo volumes.
   Operating profit for the latest quarter compares with an operating income of Won71.9 billion in the second quarter of last year
   Net profit rose more slowly, 13 percent over the same period, reaching Won147.7 billion ($130 million).
   Hanjin reported revenue of Won 1.6 trillion ($1.4 billion) for the quarter, up 15 percent, as a result of the strong liner and bulk markets.
   Commenting on its container transport activities, its main business, Hanjin said its second-quarter box traffic was up 7 percent to 690,000 TEUs, and revenue from container shipping increased 8.8 percent to Won1.3 trillion ($1.1 billion). Revenue from the company’s bulk shipping division rose 49.5 percent to Won316.3 billion ($270 million).
   Hanjin said it has sought to cut costs through route rationalization.
   For the first half of the year, Hanjin’s operating income jumped 398 percent to Won383.6 billion ($330 million) from Won77.1 billion in the same period last year. Net profit reached Won306.6 billion ($260 million), an eight-fold increase on the Won34.4 billion net profit earned in the first half of 2003. Revenue rose 17 percent to Won3.1 trillion ($2.6 billion).
   Last week Neptune Orient Lines, the parent company of APL, reported a 299-percent jump in net income for the first half of the year to S$354 million ($206 million). Royal P&O Nedlloyd and CP Ships are also expected to report higher second-quarter profit results next week.