SOUTH Korea's Hanjin Shipping reported that third quarter net profit rose by 53.8 per cent compared to the same period last year to KRW61.2 billion (US$53.8 million) despite 8.9 per cent lower revenue at KRW1.94 trillion ($1.66 billion) as contributions from across its business segments fell, such as container and bulk shipping.

The improvement in earnings was attributed mainly to various cost-saving efforts and foreign currency exchange gain.

Third quarter revenue from its container division decreased by 9.4 per cent year on year to KRW1.77 trillion, while container operating earnings dived 73.2 per cent, reported Lloyd's Loading List.

The shipping company said its container performance was "influenced by weak freight rates due to over-capacity of the market."

The company forecasts that profitability will improve in the fourth quarter "as transport volume is expected to increase considering recovery of the US economy and continuous market stabilisation efforts of carriers," Hanjin Shipping commented."