HMM’s net profit surges in Q1 despite a volatile market
Despite the challenging market conditions, HMM registered remarkable results for Q1 2024, with the net profit climbing an astounding 63% to KRW 485 billion in Q1 2024 from KRW 298 billion in Q1 2023.
Revenue increased 12% to KRW 2,330 billion in Q1 2024 from KRW 2,082 billion in Q1 2023, while operating profit rose 33% to KRW 407 billion in Q1 2024 from KRW 306 billion in Q1 2023.
The Shanghai Containerized Freight Index (SCFI) in Q1 2024 was 2,010 points, more than double from 969 points in Q1 2023, increasing revenue and profits, highlighted a release.
Despite market uncertainties, the combined operating margin reached 17.5%, marking a surplus for the last 16 consecutive quarters.
The main economic indicators are favourable due to consistent consumer demand, including the recovery of the US economy, growth in online business from China, and the easing of inflation.
HMM makes great efforts to strengthen its business capability by reinforcing its environmental competitiveness and establishing digitalisation. In addition, it intends to prepare for rapidly shifting market conditions through cost-cutting and lucrative operations, the release emphasised.
Source: Exim News Service: Seoul, May 14