[Asia Economy Reporter Yoo Hyun-seok] HMM announced on the 9th that its third-quarter sales and operating profit reached 5.1062 trillion KRW and 2.601 trillion KRW, respectively, marking increases of 27.1% and 14.5% compared to the same period last year. Net profit for the same period rose by 13.3% to 2.6053 trillion KRW.
The cumulative sales for the third quarter of this year amounted to 15.0589 trillion KRW, operating profit to 8.6867 trillion KRW, and net profit to 8.6701 trillion KRW, continuing record-breaking performance. Despite rising costs of sales due to oil price increases, HMM achieved a cumulative operating profit margin of 57.7% through strong container market conditions in the first half, efforts to improve profitability, and strengthened sales to major shippers.
HMM plans to build a stable fleet portfolio, respond to global environmental regulations, and advance digitalization by implementing the mid-to-long-term management strategy announced last July, thereby enhancing competitiveness to the level of global shipping companies.
A company official stated, "In the fourth quarter, global container cargo volume is expected to slow down until the end of the year due to the shift in consumption to the service sector following the endemic transition in major Western countries, reduced purchasing power due to interest rate hikes, and increased inventory by large retailers," adding, "we plan to strengthen sales capabilities by developing new short-term cargo, increasing high-margin cargo such as refrigerated, special, and inland cargo, and pursue cost reduction in freight charges to boost profitability."
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