Hanjin’s net income down 25% in 2005
Seoul-based Hanjin Shipping cited a more than 10 percent appreciation of the Korean won against the U.S. dollar as a driver to its 25.2 percent decrease in its 2005 net income to Won482.8 billion ($497 million).
In 2004, Hanjin’s net income was Won645.7 billion ($665 million).
The Korean container and bulk shipping company’s annual operating income dropped 30.1 percent to Won572.8 billion ($589 million), from Won819.8 billion in 2004. The company blamed the operating income decline on a rise in bunker purchasing price and continuing weakness in the U.S. dollar.
Hanjin’s 2005 revenue dropped 3.6 percent to Won5.98 trillion from Won6.20 trillion a year earlier, although the company’s revenue in U.S. dollars increased 7.4 percent to $5.8 billion from $5.4 billion in 2004.
The Korean carrier said it transported 2.85 million TEUs last year, up 6.1 percent from 2.68 million TEUs in 2004.