HMM’s Q3 Profit Jump

18 October 2010 (Last Updated October 18th, 2010 18:30)

Hyundai Merchant Marine (HMM) has reported a 90% increase in its operating profit to KRW298bn ($266m) compared with KRW156.1bn ($139m) in second quarter of 2010. The South Korean company's profit during the July-September period saw a sharp turnaround from an operating loss of KRW242bn($2

Hyundai Merchant Marine (HMM) has reported a 90% increase in its operating profit to KRW298bn ($266m) compared with KRW156.1bn ($139m) in second quarter of 2010.

The South Korean company’s profit during the July-September period saw a sharp turnaround from an operating loss of KRW242bn($215m) reported a year earlier.

HMM’s sales jumped 56% to KRW2.22tn ($1.97bn) over the same period, boosted by demand for container shipping.

HMM handled 769,000teu during the third quarter compared with 668,000teu in the same period last year, and 718,000teu in the second quarter this year.