Hyundai Merchant Marine (HMM) has reported a constant net income in the first half of the year, while operational profit plummeted over 95 per cent year-on-year.
In the first half of this year, HMM’s top line reached KRW 4.21 billion ($3.2 million), with its net profit and operating income amounting to 610.3 billion won and KRW 466.6 billion ($355 million), respectively.
HMM’s operational profit in the April-June quarter was KRW 160.2 billion ($122 million), a drop of 94.5 percent from the previous year, according to a regulatory filing.
A drop in operating profit in the second quarter as shipping rates returned to pre-pandemic levels amid dropping cargo volume, according to HMM.
The Shanghai Containerized Freight Index (SCFI), a barometer of global freight rates, averaged 983.5 points in the second quarter, down 76.7 per cent from a year earlier.
HMM said it will redouble efforts to hone its competitive edge down the road by rationalising shipping routes and cutting costs.