Hanjin Shipping performing well in 2004

Hanjin Shipping may increase actual business results in spite of the traditionally low-demand first quarter. It expects to increase trading profits above the market-earning rate with a 26,000 won target price by next year.
According to the Goldman Sachs, Hanjin Shipping recorded net profits exceeding anticipated profits in the first quarter, while trading profits exceeded paper profits by 47% thanks to good sales. For Asia, export trading is slackest in the first quarter because of the Lunar New Year's holiday, but Hanjin Shipping has already surpassed its entire business profits from last year.
Goldman Sachs expects that the actual results are very encouraging from the first quarter though net profits increased due to non-operating profits. To this, the trend predicts that business profits should increase by at least 10% this year and next year.
According to Hanjin Shipping, net sales (1,480.8 billion won) decreased by 0.17% from the previous quarter in the first quarter of this year, but the results increased by 19% compared with the same period of last year. Business profits recorded 162.1 billion won in the first quarter 2004, 4.11% more than the previous quarter and increased 3,017% over the same period of last year. Meanwhile, this term, net profits increased 79.35% or 158.9 billion won over the previous quarter.