The following release was published by HMM:
- The revenue decreased 58% to KRW 2,082 billion in Q1 2023 from KRW 4,919 billion in Q1 2022.
- The operating profit declined 90% to KRW 307 billion in Q1 2023 from KRW 3,149 billion in Q1 2022.
- The net profit was KRW 285 billion, down from KRW 3,132 billion.
- The easing of global supply chain pressures has affected revenue and profits and has led to the normalization of the container shipping market. The Shanghai Containerized Freight Index (SCFI) in Q1 2023 was 969 points on average, significantly dropping from 4,851 points in Q1 2022.
- Despite lower freight rates, container and bulk businesses realized profits, mainly driven by service realignment and reduced operating costs.
Comments
- The high inflation pressure due to the rising cost of energy and raw material has remained, causing higher interest rates and decreased demand. This downward trend in the global economy is expected to continue with no encouraging sign of restoring consumer confidence in the near term.
- HMM will focus on a wide range of cost-cutting measures and enhance operational efficiency to make its business competitive amid market volatility and widespread uncertainties.
- In addition, HMM will take a comprehensive approach to accelerate ESG-oriented management by reinforcing its environmental competence with constant investment and establishing the latest IT infrastructure.
Source: HMM