HMM, 1Q Operating Profit 306.9 Billion KRW... 90% Decrease YoY
HMM announced on the 15th that its operating profit for the first quarter of this year was 306.9 billion KRW, a 90% decrease compared to the same period last year (3.1489 trillion KRW).
First quarter sales amounted to 2.0816 trillion KRW, down 58% from last year (4.9187 trillion KRW), and net profit was 285.3 billion KRW, a 91% decrease compared to last year (3.1317 trillion KRW).
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The sharp decline in HMM's performance was due to a steep drop in shipping market freight rates. The Shanghai Containerized Freight Index (SCFI), which averaged 4,851 points in the first quarter of last year, fell to an average of 969 points in the first quarter of this year.
This content was produced with the assistance of AI translation services.
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