Hyundai Merchant Marine continues profit recovery

Hyundai Merchant Marine continues profit recovery

   Hyundai Merchant Marine continued to improve its results in the first nine months of 2003, with a net income of 10.6 billion Korean won ($8 million), as compared to a deficit of Won319.1 billion in the corresponding period of 2002.

   Following the disposal of the group’s car-carrier activities, Hyundai’s revenue fell to Won2.4 trillion ($1.9 billion) in the first nine months of 2003, from Won3.5 trillion.

   Operating income for the latest nine-month period amounted to Won170 billion ($135 million), more than twice the Won71.8 billion operating profit earned in the first nine months of 2002.

   At the end of the third quarter, Hyundai had long-term liabilities of Won1.9 trillion ($1.5 billion), against shareholders’ equity of Won1 trillion ($798 million).