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HMM's Q2 net spikes on higher freight rates

Earnings 15:49 August 10, 2022

SEOUL, Aug. 10 (Yonhap) -- HMM Co., South Korea's leading container shipper, said Wednesday its second-quarter earnings shot up from a year earlier thanks to rising freight rates.

Consolidated net profit came to 2.93 trillion won (US$2.24 billion) in the April-June period, up 1,290 percent from a year earlier, the company said in a regulatory filing.

Sales climbed 73 percent on-year to 5.03 trillion won, with operating profit surging 111 percent to 2.94 trillion won.

HMM attributed the stellar second-quarter performance to a jump in shipping rates on all routes, including those to the Americas and Europe.

This file photo provided by HMM Co. on July 14, 2022, shows one of its container vessels. (PHOTO NOT FOR SALE) (Yonhap)


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