Hanjin Shipping swings to loss in Q1 on reduced rates

SEOUL, May 8 (Yonhap) -- Hanjin Shipping Co., South Korea's leading shipper, said
Friday that it swung to a loss in the first quarter of the year mainly due to
lower freight rates and reduced international trade.

The company posted a loss of 274 billion won (US$219 million) in the
January-March period, compared with a profit of 78.5 billion won a year earlier,
it said in a regulatory filing.
Sales fell 11 percent to 1.79 trillion won over the cited period, while operating
loss came in at 249 billion won, compared with an operating income of 102 billion
won a year earlier.
Shares of Hanjin Shipping were trading at 22,600 won on the Seoul bourse as of
2:18 p.m., down 1.52 percent.
sam@yna.co.kr
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