Hyundai Glovis Posts Q3 Operating Profit of 524 Billion Won, Up 12% Year-on-Year

Hyundai Glovis reported a double-digit increase in operating profit for the third quarter of this year compared to the previous year.

On October 30, Hyundai Glovis announced during its third-quarter earnings conference call that its sales reached 7.355 trillion won and operating profit stood at 524 billion won for the third quarter of this year.

Compared to the same period last year, sales decreased by 1.5%, while operating profit increased by 11.7%. The operating margin was 7.1%, and net profit for the period rose by 2.2% to 392.1 billion won.

The decline in sales is attributed to global logistics market downturns and a temporary decrease in cargo volume due to production disruptions at some client companies. These domestic and international uncertainties have affected the company’s performance.

In response, Hyundai Glovis described this as a 'temporary adjustment' and expressed its ambition to achieve continued growth in the fourth quarter by flexibly responding to market changes based on solid fundamentals.

A Hyundai Glovis representative stated, "Although sales slightly decreased compared to last year due to some external factors, we are still maintaining a high level of operating margin," adding, "In the fourth quarter, we will continue to secure business sustainability based on financial soundness."

Meanwhile, regarding the U.S. port entry fees set to be implemented from the fourth quarter, a company official said, "We plan to minimize the impact on performance through mutually acceptable and reasonable negotiations with our clients."

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