Hanjin, 3Q Operating Profit 89.8 Billion KRW... 21% Increase YoY

Hanjin Incheon Container Terminal

[Asia Economy Reporter Choi Dae-yeol] Hanjin Co., Ltd. announced on the 7th that its consolidated operating profit for the third quarter of this year reached 89.8 billion KRW, an increase of 20.9% compared to the same period last year. Sales rose 17.8% to 2.1227 trillion KRW during the same period.

The company explained, "Although the parcel volume from one client decreased partially in June, we recovered profitability by attracting new clients and improving operational efficiency through optimization of trunk line and hub operations," adding, "The steady performance of the container terminal subsidiary and stable growth of global business were key factors."

The parcel delivery business strengthened efforts to attract new customers in home shopping and specialized markets. The one-click parcel service launched in 2019 has gained positive responses from small business owners, reaching 50,000 subscribed clients in three years. In the second half of the year, the company plans to secure additional fulfillment centers and expand same-day delivery services, diversifying its offerings while solidifying cooperative relationships with strategic clients to enhance profitability and operational efficiency.

The logistics business is improving its performance centered on new volumes in distribution and container land transportation, acquisition of large project volumes for heavy cargo ocean vessels, and container terminal cargo handling operations, the company reported. The global (overseas) business is expanding its Southeast Asia and European networks by converting its Indonesian corporation and increasing e-commerce volumes. The company is also increasing new businesses such as road information collection and sales using parcel delivery vehicles, while exploring co-growth opportunities through platform business models.

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