Hanjin sees revenue up slightly in 3Q

Hanjin Shipping announced its 2011 3Q business results with revenue of KRW 2,468.8 billion, an operating loss of KRW 135.1 billion, and a net loss of KRW 85.9 billion.

A Hanjin Shipping representative explained, “Despite the supply cut to balance its container sales income and expenses, revenue saw a 3.2% upturn to KRW 2,468.8 billion thanks to a 7.7% increase in bulk rates and a 1.7% rise in total volumes.”

He added, “On the other hand, operating profit recorded 20.6%, up to KRW 135.1 billion, while reducing the container supply and having a gain in bulk sales.”

For the container division, operating loss stayed at KRW 169.9 billion despite growth in cargo transport volume, a 12.3% raise year-on-year and 1.7% up quarter-on-quarter.

For the bulk division, operating profit turned into the black climbing 216.8% up to KRW 32 billion, with continuing increases in bulk rates.

Due to the U.S. and euro-zone’s unstable economic situation, the company recorded a great foreign currency translation gain of about KRW 156.7 billion, so Hanjin saw its net loss improve 68.6% to 85.9 billion compared with the same period last year.

The company representative said, “In the container division, we’re trying to improve the freight rates and operating costs while preparing for the winter slack season. Otherwise, in the bulk division, we predict continuing investment for developing nation’s infrastructure such as West China and India, so bulk markets will maintain steady in the last quarter this year.” <김보람 기자 brkim@ksg.co.kr>