Bunkers hit Hanjin results

Seoul: Hanjin Shipping followed the trend of other major liner companies and reduced a sharp fall in net profit due to higher bunker costs caused by higher fuel prices and appreciation of the Korean Won against the US Dollar. Operating income plummeted 81% from KRW282m for H1 2005 to KRW53.1m for the corresponding 2006 period, despite a 17.6% rise in the amount of containers carried which translated into a 6.3% rise in US dollar revenue to $3.03bn. Net profit dropped less (55%) to KRW94.8m, however, because of reduced corporate tax due to introduction of tonnage tax.  [11/08/06]