Hanjin Shipping revises 2003 profit figure

Hanjin Shipping revises 2003 profit figure

   Hanjin Shipping has revised its 2003 net income downwards to 295.2 billion Korean Won ($246 million) from a previously announced Won330 billion ($275 million).

   A spokesman for the Korean shipping company said an income tax calculation caused the decrease in net profit stated in its audited statement.

   “Nevertheless, the decrease is made up by a subsequent decrease in the unappropriated retained earnings carried forward from the prior year, and does not affect the total shareholders’ equity stated in the audited statement,” the spokesman said.

   The revised profit figure for 2003 still represents a substantial improvement in net profit when compared to 2002 earrings of Won18.5 billion.

   Hanjin also previously reported a 36-fold rise in operating profit to 432 billion Korean Won ($370 million) from Won12 billion in 2002.

   The revision of the net profit and tax does not require a change in the 2003 balance sheet, and is not an additional tax payment, but only an “adjustment,” the company added.