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Hanjin back in black with a profit of US$6 million despite 15pc sales decline
KOREA's Hanjin Shipping, posted a net profit of US$6 million in 2015 compared with a loss of $396 million in 2014, the company announced.
But because of lower freight rates, Korea's biggest shipping company also posted $6.86 billion in full year revenue, a drop of 15.3 per cent.
Hanjin抯 operating profit in 2015 was $41 million versus $26 million in 2014.
The company抯 container division had an operating profit of $119 million on sales of $6.3 billion in 2015 versus an operating profit of $137 million on sales of $7.4 billion in 2014.
Hanjin said "by solidifying low-cost structure and rationalising service lanes, the container division has managed to continue its positive operating profit since 2014".
The company抯 bulk division remained in the red in 2015, with an operating loss of $93 million, but that was still an improvement over the loss of $154 million suffered in 2014.
"We forecast profitability improvement in upcoming quarter as transport volume is expected to rise considering recovery of the US economy and seasonal influence, as well as continuous market stabilisation efforts of carriers," said the Hanjin statement.
But because of lower freight rates, Korea's biggest shipping company also posted $6.86 billion in full year revenue, a drop of 15.3 per cent.
Hanjin抯 operating profit in 2015 was $41 million versus $26 million in 2014.
The company抯 container division had an operating profit of $119 million on sales of $6.3 billion in 2015 versus an operating profit of $137 million on sales of $7.4 billion in 2014.
Hanjin said "by solidifying low-cost structure and rationalising service lanes, the container division has managed to continue its positive operating profit since 2014".
The company抯 bulk division remained in the red in 2015, with an operating loss of $93 million, but that was still an improvement over the loss of $154 million suffered in 2014.
"We forecast profitability improvement in upcoming quarter as transport volume is expected to rise considering recovery of the US economy and seasonal influence, as well as continuous market stabilisation efforts of carriers," said the Hanjin statement.
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