Hyundai Glovis Q2 Operating Profit Up 112%...Strong Performance from Hyundai Motor and Kia Drives Growth

[Asia Economy Reporter Dongwoo Lee] Hyundai Glovis saw its performance rise alongside the strong results of domestic automakers.

Hyundai Glovis announced on the 23rd that its operating profit for the second quarter of this year reached 276.9 billion KRW, a 112.0% increase compared to the same period last year. During the same period, sales rose 67.2% to 5.4672 trillion KRW, and net profit increased 86.0% to 214.3 billion KRW.

The logistics division's second-quarter sales were 1.8142 trillion KRW, up 62.8% year-on-year, and operating profit was 141.4 billion KRW, a 173.5% increase compared to the same period last year. The increase in production and sales volume at Hyundai Motor and Kia's domestic automobile plants drove the performance.

The shipping division's sales rose 44.7% from last year to 762.5 billion KRW, and operating profit increased 139.7% to 36.2 billion KRW. Recovery in finished car maritime transport volume and expansion of non-affiliated cargo orders contributed to this growth.

The distribution division's sales reached 2.8905 trillion KRW, a 77.5% increase compared to the same period last year. Sales grew due to the recovery of export volumes of semi-knocked down (CKD) parts following the normalization of overseas automobile plants and growth in domestic and international used car businesses.

Hyundai Glovis stated, "The base effect of COVID-19 and the recovery of demand in upstream industries were reflected in the performance. However, the COVID-19 situation remains unstable, and uncertainties in cargo volume are increasing, so we plan to continue efforts to secure profitability."

This content was produced with the assistance of AI translation services.