Hanjin’s net income up 2.6% after nine months

Hanjin’s net income up 2.6% after nine months South Korea’s Hanjin Shipping said today its net income after nine months increased 2.6 percent to Won130.5 billion ($144 million), up from Won127.2 billion in the comparable period last year.
   Operating profit after three quarters rose 59.9 percent to Won153.8 billion ($169 million) from Won96.2 billion. Revenue gained 11.4 percent to Won5.03 trillion ($5.52 billion) against Won4.52 trillion. Sales from container shipping contributed Won4.18 trillion ($4.58 billion) while the bulk business added Won847.6 billion ($930 million). The Seoul-based carrier didn’t provide comparable sector 2006 results.
   “In case of container business, the increase in cargo volume during the third quarter, which is traditionally a peak season, has been the key factor of the improvement in operating profit,” Hanjin said in a statement. “And although Asia-to-U.S. trade has remained rather slow throughout this year, Asia-to-Europe trade, having been weak the previous year, has shown a turnaround due to the rising demand in the European regions.
   “Furthermore in case of bulk, the improvement of the market, mostly for dry bulk, caused by the rising demand for raw material transport has contributed to the increase in its operating profit.”