HANJIN SHIPPING REPORTS 79% FALL IN OPERATING INCOME

HANJIN SHIPPING REPORTS 79% FALL IN OPERATING INCOME

   Hanjin Shipping, the largest Korean shipping line,
reported a 79-percent fall in operating income for the first half of the year, to Won25
billion ($22 million), from Won119 billion in the same period last year.
    Operating revenues decreased by 13 percent, to Won1.83 trillion ($1.58
billion), from Won2.1 trillion in the first half of 1998.
    The fall in Hanjin Shipping’s operating income was largely offset by a
sharp decrease in non-operating expenses. Non-operating expenses dropped to Won196 billion
($169 million), from Won365 billion in the year-earlier period. A Won141 billion
non-operating amortization charge related to foreign currency translation losses, posted
in the first half of 1998, was not repeated in the latest half-year period.
    The Korean carrier reported a Won11 billion ($10 million) net income
for the first half of the year, compared to a net income of Won15 billion in the
corresponding period of last year.
    Hanjin Shipping said that it raised $100 million in July by issuing
overseas convertible bonds in the Euro market.