South Korea’s Hanjin Shipping has generated a profit in the third quarter of 2014, reversing from a loss-making position a year ago, due mainly to a one-time gain on foreign currency translation.
Net profit in the quarter ended 30 September 2014 was registered at KRW39.8bn ($37.3m) as against a deficit of KRW317.7bn in the same period of last year.
“The (quarterly) net profit – for the first time since the fourth quarter of 2010 – recorded KRW39.8bn due to foreign currency translation gain of KRW86.5bn, from the depreciation of KRW against USD, which does not affect the actual cash flow,” Hanjin Shipping said.
