Mixed financial results at Hyundai Merchant Marine

Mixed financial results at Hyundai Merchant Marine    Hyundai Merchant Marine reported a major improvement in its operating income for 2003, as well as a net deficit of 211 billion Korean Won ($176 million), according to the company’s unaudited financial results.
   The 2003 deficit compared with a net profit of Won142.2 billion ($119 million) in 2002, when Hyundai benefited from foreign exchange gains.
   “The main reason why we had such a big loss … is first, based on the exchange rate,” a spokesman for the Korean shipping company said. “In addition, as a process of company restructuring, Hyundai Merchant Marine disposed of tangible assets, so we had a temporary loss.”
   By contrast, Hyundai recovered from an operating loss of Won34.3 billion ($28) million in 2002 to an operating income of Won301.3 billion ($252 million) last year.
   “Hyundai Merchant Marine is quite satisfied … that we achieved black figures in operating income,” a spokesman said.
   The company’s revenue declined to Won3.98 trillion ($3.3 billion) last year, from Won4.62 trillion in 2002, following the sale of its car-carrier activities.
   The 2003 financial results of Hyundai Merchant Marine and 13 other international shipping companies are posted on ComPair Data, the global liner-shipping database, at https://www.compairdata.com.