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Hanjin Shipping books 54% jump in Q3 profit

Hanjin Shipping books 54% jump in Q3 profit
South Korea’s Hanjin Shipping has improved its third quarter net profit despite a fall in revenue.

Profit for the quarter ended 30 September 2015 was recorded at KRW61.2bn ($53.8m), an increase of 53.8% compared to KRW39.8bn in the same period of last year, due mainly to various cost saving efforts and foreign currency exchange gain.

Revenue, however, dropped by 8.9% year-on-year to KRW1.94trn as contributions from across its business segments such as container and bulk shipping declined.

“We forecast profitability improvement in the upcoming quarter as transport volume is expected to increase considering recovery of the US economy and continuous market stabilisation efforts of carriers,” Hanjin Shipping commented.