HMM pulls in 137 billion won net profit

HMM (Hyundai Merchant Marine) announced on April 25 that it recorded 137.2 billion won in net profit during the first quarter, increasing 27.4% as compared with the last quarter of last year.

According to HMM, sales were 1,205.6 billion won, down by 4.2% as compared with 1,258.6 billion won in the last quarter of 2005. Business profits were 980 billion won, down by 3.6% as compared with 1,016 billion won from the last quarter of 2005.

HMM recorded 139.1 billion won in ordinary profit and 137.2 billion won in net profit, for increases of 26.5% and 27.4% respectively as compared with the last quarter of last year.

As compared with the first quarter of last year, sales were down by 2.4%, and business profits and net profit decreased by 35% and 11.9% respectively. But the company rated these results as positive because they over came the downward tendency of exchange rates, skyrocketing of oil prices, and the off-season container cargoes market.

One insider from HMM said, ?n the case of Asia and the U.S., container cargoes increased as compared with the previous quarter, and the tanker market still recorded good results.?