HMM Achieves Record-breaking Results for the Full-Year 200801 May
HMM disclosed its highest-ever performance in sales, operating profit and net profit last year. On February 4th, HMM announced that sales were worth KRW 8.003 trillion, and that operating profit was KRW 587.6 billion during 2008. It scored improvements of 57 percent and 87 percent respectively over 2007. Net profit, especially, skyrocketed to 297 percent- to a record KRW 703.6 billion.
It is noteworthy that these figures represent a more accurate business-performance result compared to previous years. This is because HMM applied last yearâs modified business accounting standard to correct distorted results caused by exchange rate fluctuations.
Despite the recent global economic slowdown, HMM achieved another record-breaking year in its history. This favorable outcome is mainly attributable to high-riding tankers, LNG vessels and specialized carriers- and to prompt risk management resulting from the strategic business portfolio. Also, cost reductions through the re-organization of high-cost-and-low-profit services resulted in this overall satisfactory performance.
[ Press release HMM ]
Leave a Reply