Independent journal on economy and transport policy
13:40 GMT+1
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After five years at a loss, South Korean HMM returned to profit in 2020
Results soared in the second half of the year
February 9, 2021
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. 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 ( of the 1st July 2019). 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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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.
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
