Hyndai Merchant Marine operating profit scores 980 million won in 2020
In 2020, containerised shipping company HMM a record operating profit thanks to the exponential trend of growth in economic performance that has characterized the last three quarters of the year. In addition, the South Korean company, after five years ended at a loss, in 2020 she returned to profit.
The last year was closed with revenues 6,413.3 billion won ($5.7 billion), with a increase of +16.3% on 2019. Operating profit and economic profit net amounted to 980.8 billion won and 124.0 billion won, against negative results of -299.7 billion and -589.8 billion won in the previous year.
In the fourth quarter of 2020 alone, revenues amounted to 2,006.5 billion won, with a significant increase of +48.4% on the corresponding period of the previous year.
HMM attributes part of the success also to rationalisation and efficiency of its shipping activities
Operating profit reached a record value of 567.0 billion won compared to a negative sign value of -34.5 billion won in the last quarter of 2019 and with an increase of 269.8 billion on the record set in the third quarter of 2010. The profit net was 136.8 billion won compared to a net loss of -86.4 billion in the October-December period of 2019 2019.
HMM attributed the significant increase in results to the the introduction into its fleet of the new container container containers to be 24,000 teu and sales growth resulting from the membership of the THE Alliance of Shipowners’ Alliance, which consists of the Hapag-Lloyd, Ocean Network Express (ONE) and Yang Ming.
In addition, the South Korean company has ascribed the positive performance of the results also to the increase in the number of rationalisation of maritime services and the efficiency of operational activities.
Meanwhile, HMM has announced the acquisition of 17,000 containers for dry loads that will be taken over by the next July. The total investment amounts to approximately 101.1 million Dollars.
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