OPERATING INCOME FALLS AT HANJIN SHIPPING AND HYUNDAI

OPERATING INCOME FALLS AT HANJIN SHIPPING AND HYUNDAI    Hanjin Shipping and Hyundai Merchant Marine both reported sharp falls in their operating profits for 2002, but non-operating items allowed them to report a return to net profitability.
   At Hanjin, operating profit declined by 95 percent last year, to Won12 billion ($10 million), from Won254 billion in 2001.
   The Korean shipping group cited negative factors that affected its 2002 results such as the strike in the U.S. West Coast ports, higher oil prices and lower freight rates.
   Nevertheless, following profits on foreign exchange translations, Hanjin’s net profit returned to the black in 2002.
   Hanjin’s ordinary income improved, to a profit of Won51 billion ($43 billion), from a loss of Won103 billion in 2001. Revenue decreased by 2 percent over the same period, to Won4.5 trillion ($3.8 billion), from Won4.6 trillion.
   Hanjin earned a net income of Won19 billion last year, an improvement over the Won78 billion deficit of 2001.
   Hanjin carried 2.3 million TEUs in 2002, up from 2.17 million in 2001. It also moved 58 million tons of bulk last year, down from 65 million in 2001.
   Hyundai Merchant Marine posted an operating deficit of Won253 billion ($211 million) for 2002, as compared to an operating income of Won309 billion in the previous year. Ordinary income amounted to Won432 billion ($361 million) last year, compared to an ordinary deficit of Won387 billion in 2001. Revenue decreased by 17 percent in 2002, to Won4.6 trillion ($3.9 billion), from Won5.6 billion.
   Hyundai’s net income last year amounted to Won309 billion ($258 million), a reversal from its net loss of Won320 billion for 2001.