Hyundai Glovis 2Q Operating Profit 412.6 Billion KRW... 8% Decrease YoY

Sales of 6.5348 trillion KRW

Hyundai Glovis announced on the 28th that it recorded sales of 6.5348 trillion KRW and an operating profit of 412.6 billion KRW in the second quarter of this year. These figures represent decreases of 4.8% and 8%, respectively, compared to the same period last year. The company analyzed that uncertain external factors such as exchange rates, interest rates, and the global logistics industry conditions had an impact. However, compared to the first quarter, sales and operating profit increased by 3.7% and 1.5%, respectively.

Looking at the performance by business segment, in logistics, domestic and international inland transportation sales of finished vehicles increased, but forwarding sales such as container and air transportation decreased due to normalization of freight market conditions. Sales amounted to 2.2572 trillion KRW, down 4.8% year-on-year. However, operating profit recorded 213.2 billion KRW, an increase of 31.2% compared to the previous year.

The shipping business recorded sales of 1.0526 trillion KRW and an operating profit of 74 billion KRW, down 5.5% and 20.7% year-on-year, respectively. Although car carrier sales increased due to a rise in finished vehicle shipment volumes, bulk carrier sales declined due to a short-term market downturn.

In the distribution sector, sales reached 3.2251 trillion KRW with an operating profit of 125.3 billion KRW, representing decreases of 4.6% and 35.0% compared to last year. Despite an increase in KD sales, overall sales declined due to factors such as a drop in trading non-ferrous metal prices.

The company judged that although the management environment in the second half of the year will be challenging, there are positive expectations such as increased production and sales volumes of finished vehicle manufacturers. It plans to secure profitability in the mobility logistics sector. The company also intends to actively pursue management strategies including strategic investments and collaborations in areas such as used battery recycling and smart logistics solutions, which are among its future growth engines.

A Hyundai Glovis representative said, “Despite the uncertain situation in the second quarter, we maintained solid performance by providing stable and efficient supply chain management services,” adding, “In the second half, we will further strengthen the stability of our existing automotive logistics business and swiftly execute new strategic businesses to become future growth engines.”

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