Hyundai Merchant Marine second quarter profit surges

Hyundai Merchant Marine second quarter profit surges Seoul-based Hyundai Merchant Marine is the latest container line to report a significant profit gain in the second quarter now that freight rates have started heading upwards after last year’s downturn.
   HMM, Korea’s second-largest container line behind Hanjin Shipping, reported a quarterly profit of Won122.3 billion ($133 million), up from Won4 billion in the same period last year. Operating income jumped to Won60 billion ($66 million) compared to a loss of Won7.4 billion. Revenue increased 8.9 percent to Won1.19 trillion ($1.3 billion).
   Last year’s drop in rates kicked in during the second half of the year and the company’s first half results were down year-on-year. The company’s net profit after the first six months of 2007 declined 20.4 percent to Won113.4 billion ($123 million), down from Won142 billion. Operating income gained some 30 percent to Won117.9 billion ($128 million) while revenue was flat at Won2.3 trillion ($2.5 billion).