Hyundai’s profit slides 68% in 2006

Hyundai’s profit slides 68% in 2006 South Korean shipping company Hyundai Merchant Marine today reported a net income of Won122.7 billion ($132.3 million) for 2006, a 68.3 percent drop compared to Won386.4 billion in the previous year.
   HMM’s annual operating income dropped 79.1 percent to Won97.3 billion ($105 million) with revenue declining 2.3 percent to Won4.73 trillion ($5.1 billion).
   “HMM’s results for last year were affected by a depression in the shipping industry, and this is a matter of regret,” said Noh Jeong-ik, HMM’s president and chief executive officer. “Nevertheless, all staff of HMM were undaunted by the adverse circumstances, and have continued to work towards making the company a key player in global logistics. We strengthened fleet competitiveness by deploying five additional 6,800-TEU super containerships, and also acquired the sole rights to operate the domestic container terminal at Busan New Port from 2009.
   “We firmly believe that such efforts herald a bright future for HMM, and will provide customers with the best quality service,” Jeong-ik. said