Seoul: Low freight rates in the market combined with extremely high operating costs have led South Korea-based Hanjin Shipping to declare a net loss of 46.5bn won ($50m). This is a sharp contrast to the net profit of 61.1bn won ($65m) it had announced in the same period during 2006. Although sales in the first three months of 2007 increased by 7.3% to $1.6bn, operating profit declined 74.8% to $8.4m. [04/05/07]
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