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Hyundai’s net profit increases 10-fold

Hyundai’s net profit increases 10-fold

   Hyundai Merchant Marine is the latest shipping company to report spectacular increases in profits this year, with net income soaring more than 10-fold to Won304 billion ($286 million) in the first nine months from Won25 billion earned in the same period of 2003.

   The Korean carrier’s operating income climbed 105 percent to Won445 billion ($418 million) in the January-September period up from Won217 billion a year earlier.

   Revenue at Hyundai Merchant Marine rose 29 percent to Won3.8 trillion ($3.5 billion) from Won 2.9 trillion.