Seyang Shipping profits up 139%

Seyang Shipping announced February 20 that its sales for 2003 totaled 112.2 billions won, an increase of 139% as compared with the previous year.
Trading profits were in the black at 6.8 billion won, much better than the 1.2 billion won of the previous year. Ordinary income was also in the black at 14.8 billion won, improving from a 0.1 billion won loss in the previous year.
Meanwhile, net profits for the term decreased a little from the previous year at 14.8 billion won, but profits were still in the black last year because the term net profit of the previous year had a waiver of obligation of 16.6 billion won.
One official from the company said, "We improved actual results thanks to good conditions in the shipping market and successful business structure adjustments," and added, "We expect that sales increases over double and business profits over triple times will be realized this year."