Yonhap reported that Hanjin Shipping Co swung to the black in 2010 on rising shipping demand freight rates. Net profit reached KRW 275 billion as compared with a loss of KRW 86.5 billion a year earlier.

It said that the shipper posted an operating income of KRW 630 billion in 2010, a sharp turnaround from an operating loss of KRW 30 billion a year earlier.

Sales reached KRW 9.42 trillion in 2010. In 2009, the firm posted sales worth KRW 668 billion. Hanjin Shipping was split off from Hanjin Shipping Holdings Co in 2009.

The company said that its sales at the container shipping business soared 40% in 2010 to KRW 7.82 trillion. Its bulk shipping business division posted a 6.2% rise in sales at KRW 1.6 trillion.

Hanjin Shipping said that it will pay a dividend of KRW 500 per common share.

(Sourced from www.yonhapnews.co.kr)