Hanjin HI aims high

Hanjin Heavy Industries aims to secure newbuilding contracts worth $2.7 billion and a turnover of $2.2 billion this year. The Busan-based shipbuilder targets operating profit of $70 million.

The Korean shipbuilder said that its turnover increased to $1.9 billion last year compared with $1.5 billion in 2003. Its pretax profit achieved year-on-year growth of 22% to $51 million from $42 million. The increase in turnover was attributable to ship improved efficiency although sharp increases in equipment and steel plate prices have hurt operating profits.