Hanjin Shipping's operating profit in the black

Hanjin Shipping attained positive results in operating profit, but couldn't overcome the deficit in net loss in the third quarter 2012.

The Korean carrier saw its revenue in the third quarter reach KRW 2.9207 trillion, up by 18.3% from KRW 2.4687 trillion compared with the third quarter in 2011.

Operating profit improved to KRW 96.79 billion, turning into the black from KRW -135.15 billion a year ago.

However the company is still in the red though its net loss improved to KRW -47.26 billion from KRW -85.94 billion, soaring 45% compared with the last third quarter.

Its income and loss before income taxes, in common with net loss, improved by 44.4% to KRW -45.35 billion from KRW -81.58 billion in the third quarter of 2011.

Mrs. Eun-Young Choi, Chairwoman & CEO of Hanjin Shipping, said, "We could reform the financial figure because the freight charge and traffic volume increased and it was in the traditional peak season."

She added, "However the foreign currency exchange loss was enormous as the exchange rates between the KRW and USD dropped."

Meanwhile, the Korean carrier noticed the figures compared with the second quarter's. The company showed its third quarter's revenue increased by 3.1% from KRW 2.8316 trillion in the second quarter.

The operating profit also grew by a whopping 31% from KRW 73.88 billion. But the net loss in the third quarter worsened from KRW -1269 million.

More over Hanjin shipping's income and loss before income taxes dipped into the red from KRW 6523 million.

The company expects a rosy outlook in the Americas trade in the fourth quarter. The consumption in America is swelling on account of Christmas.

In addition a turnaround in the American economy is expected as the housing market is improving, chained with a cargo traffic increase.

Although the lack of demand in the Euro Zone will continue until early next year, Hanjin Shipping is preparing a stabilizing strategy, like slow steaming and laying up some ships. < 김보람 기자 brkim@ksg.co.kr >