Hanjin Shipping Co., South Korea's largest shipper, said Thursday its net profit in 2006 fell 4.6 percent from a year ago due to an increase in corporate taxes.
Net profit came to 460.4 billion won (US$491.3 million) last year, compared with 482.8 billion won the previous year, the company said in a regulatory filing.
Sales gained 1.2 percent year-on-year to 6.05 trillion won while operating profit tumbled 74 percent to 149.1 billion won, the company said.
The company attributed its weaker earnings to a rise in tax payments resulting from spinning off its overseas terminal businesses.
Shares of Hanjin Shipping rose 3.52 percent to 27,950 won on the Seoul bourse.
The company said it aims to post sales of $6.95 billion and operating profit of $268 million this year. To this end, it plans to spend $682 million on facility investments, it added.
Net profit came to 460.4 billion won (US$491.3 million) last year, compared with 482.8 billion won the previous year, the company said in a regulatory filing.
Sales gained 1.2 percent year-on-year to 6.05 trillion won while operating profit tumbled 74 percent to 149.1 billion won, the company said.
The company attributed its weaker earnings to a rise in tax payments resulting from spinning off its overseas terminal businesses.
Shares of Hanjin Shipping rose 3.52 percent to 27,950 won on the Seoul bourse.
The company said it aims to post sales of $6.95 billion and operating profit of $268 million this year. To this end, it plans to spend $682 million on facility investments, it added.