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Hanjin slashes loss as quarterly revenues rise 18pc to US$2.4 billion

Update Time£º2013-2-8    From: Internet

KOREA's Hanjin Shipping slashed its second quarter net profit loss to KRW1.2 billion (US$1.2 million) from the KRW274 billion suffered last year, with this year's quarterly revenue soaring 18.4 per cent to KRW2.8 trillion (US$2.4 billion).

The container division's sales increased 21.6 per cent year on year reaching KRW2.34 trillion due to continuous rate recovery and transported volume rising by 5.7 per cent year on year, the company said.

"Container transport volume is expected to rise as the sector enters into traditional peak season, and we will make every effort to maximise profitability through additional rate increases on main trade lanes and various cost saving programmes," said a statement from the carrier.

Bulk division sales fell 6.7 per cent to KRW370.6 billion, in spite of a 47.5 per cent year-on-year expansion of the long-term contract business sales due to continuous market fall of other vessel types.

"As for the bulk business, oversupply still hangs over the global bulk market, while coal and crop shipments are to weaken as the summer peak season for electricity demand and the South American harvest season passes, but we will continue our efforts to secure stable operational cash flow by expanding the long-term contract business portion," the statement said.

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