HANJIN SHIPPING, HYUNDAI REPORT HIGHER HALF-YEAR NET PROFITS

HANJIN SHIPPING, HYUNDAI REPORT HIGHER HALF-YEAR NET PROFITS

   Hanjin Shipping and Hyundai Merchant Marine, Korea’s two large diversified shipping groups, reported higher net profit results for the first half of the year.

   Hanjin earned a net income of 60.7 billion Korean Won ($54 million) for the first six months, more than three times the Won18.1 billion earned in the same period last year.

   Hanjin’s operating income more than doubled, to Won145.4 billion ($129 million), from Won68.6 billion in the year-earlier period.

   Revenues were Won2 trillion ($1.8 billion), up by 7 percent.

   At Hyundai Merchant Marine, net income for the first half was Won82 billion ($73 million), compared to Won57 billion for the corresponding period of 1999, an increase of 44 percent.

   Hyundai’s operating income dropped by 22 percent, to Won181 billion ($161 million), from Won233 billion.

   Revenues were down by 2 percent, to Won2.4 trillion ($2.2 billion), from Won2.5 trillion in the first half of 1999.