Hyundai Merchant Marine (HMM) has hit KRW5.1 billion ($3.73 billion) in revenue for the third quarter of 2022 despite economic slowdown.
The figure stands at a 27.1 per cent surge compared to the same period last year.
Operating profit for Q3 came at KRW2.6 billion ($1.9 billion), or a 14.5 per cent year-on-year increase.
HMM registered a consolidated net profit of KRW2.6 billion ($1.9 billion) in the same period, up 13.3 per cent from a year earlier.
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For the first nine months of this year, HMM recorded total revenue of KRW15 billion ($10.9 billion) and operating profit of KRW8.6 billion ($6.2 billion), accounting for a 61 per cent and 85.7 per cent year-on-year increase respectively.
Net profit for the period registered a three-fold surge to KRW8.6 billion ($6.2 billion), or a 225 per cent increase over last year.
The company owed its success to a favourable market situation and numerous efforts to improve profitability despite widespread inflation and geopolitical tensions.
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HMM forecasts global container volume might be negatively affected in the upcoming months due to a shift in consumer spending to the service sector, weaker purchasing power and increased inventory of major retailers.
A sharp drop in container shipping rates is also expected to have a negative impact on the company’s Q4 results.
In September, HMM signed a new multi-year agreement with CEVA Logistics to expand cooperation.
The company was already an existing ocean carrier for CEVA. The newly signed agreement will now extend the cooperation to 2025 and brings CEVA’s strategic ocean partner network to 14 global and regional carriers.
