HMM Reports Operating Loss of 2 Billion KRW in Q1, Improving by 103.7 Billion KRW Year-on-Year

[Image source=Yonhap News]

[Asia Economy Reporter Seongpil Cho] HMM announced on the 15th that its consolidated operating loss for the first quarter of this year improved significantly to 2 billion KRW. The operating loss in the first quarter of last year was 105.7 billion KRW.

First quarter sales were 1.3131 trillion KRW, a decrease of 2.8 billion KRW compared to the same period last year (1.3159 trillion KRW), but the net loss for the period was 65.6 billion KRW, significantly reducing the deficit compared to the same period last year (178.5 billion KRW).

HMM explained, "Although container loading volume and sales slightly decreased due to the shutdown of Chinese factories caused by the novel coronavirus infection (COVID-19), operating loss greatly improved due to reduced sailing costs, profitability-focused operations, sharp increases in freight rates in the Middle East and India, and achieving profitability in the bulk sector."

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