HMM Hyundai Merchant Marine to see turnaround next year

HMM is now a world-renowned integrated logistics company, operating around 120 state-of-the-art vessels

HMM Hyundai Merchant Marine to see turnaround next year

Hyundai Merchant Marine (HMM) will be able to achieve a turnaround during the second half of next year given its improving financial status and business conditions, said CEO Yoo C.K. during a meeting with junior-level employees at the Korean headquarters.

“Our business is quickly getting back on track helped by improving business and financial conditions,” said Yoo. “I ask all of our members to do your utmost best with confidence.” During the meeting, Yoo explained that next year’s forecast for the company is based on prospects for better business conditions, reduced costs and realigned routes.

At a press briefing on May 15, HMM reported 1.3 trillion won in revenue, a 7 per cent increase year-on-year, and 131 billion won ($117 million) in operating profits, a 31 billion won improvement from the same quarter last year. Compared to the previous quarter, the loss is a 55 billion won improvement.