"All Businesses Grow" Glovis 1Q Operating Profit Doubles Year-on-Year

Hyundai Glovis Car Carrier

[Asia Economy Reporter Choi Dae-yeol] Hyundai Glovis announced on the 29th that its operating profit based on consolidated financial statements for the first quarter of this year reached 426.3 billion KRW, a 104% increase compared to the same period last year. Sales rose 24% to 6.2932 trillion KRW during the same period. Net profit for the period increased by 125% to 291.9 billion KRW.

All business divisions showed balanced growth. In the shipping division, operating profit increased more than sixfold compared to a year ago due to an increase in external volume, and gains were significant as CKD and used car exports overseas increased. A company official explained, "In line with the global economic demand recovery trend, we actively conducted sales across all business divisions, resulting in operating profit exceeding market consensus (350 billion to 360 billion KRW)."

He added, "Especially in the finished vehicle maritime transport division, the proportion of non-affiliated sales reached 65%, the highest ever, and shipments of non-automotive cargo continued to expand," noting that "freight rates are also in a positive situation." However, he said, "Although the semiconductor supply situation is improving, it is still slow, and uncertainties in management are expected to continue due to exchange rates, rising raw material prices, and geopolitical concerns. Therefore, we plan to ensure profitability and provide stable logistics services to our customers."

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