HYUNDAI REPORTS JUMP IN NET INCOME
Hyundai Merchant Marine reported a six-fold jump in net income for 1998,
to 51 billion Korean Won ($42 million), from Won9 billion in 1997.
The Korean carrier of containerized and bulk cargoes and cars saw its
yearly sales increase by 56 percent last year, to Won4.82 trillion ($3.99 billion), from
Won3.10 in the previous year.
Despite an increase in interest expenses, the company’s operating income
was up by 61 percent, to Won464 billion ($384 million), from Won288 billion in 1997.
Hyundai reported large increases in non-operating income and expenses such
as foreign exchange and interest items. The net non-operating result was a deficit of
Won394 billion ($326 million) in 1998, compared to a deficit of Won272 billion in 1997.