Hanjin Shipping swings to loss in Q2

SEOUL, Aug. 12 (Yonhap) -- Hanjin Shipping Co., South Korea's top container line, said Friday that it swung to a net loss in the second quarter from a year earlier due to higher fuel costs and falling freight rates.
   Net loss came to 273.9 billion won (US$253.9 million) in the April-June period, compared with a profit of 206.2 billion won a year ago, the company said in a regulatory filing.
   Sales fell 1.53 percent on-year to 2.4 trillion won over the cited period. The shipper also turned in an operating loss of 170.2 billion won in the second quarter.
   Hanjin Shipping said that sales for its container shipping business rose 13.2 percent on-year but the division posted an operating loss of 172 billion won. Its bulk shipping business saw an operating loss of 150 million won.
   Hanjin Shipping said its profit will improve in the third quarter on the strength of growing demand and cost-cutting efforts.
   The shipper also said it swung to a net loss of 414.6 billion won in the first half, while its sales rose 5.62 percent on-year to 4.67 trillion won during the six-month period.
   Shares of Hanjin Shipping closed down 8.91 percent at 15,850 won on the Seoul bourse.