Hyundai Merchant Marine announced yesterday that it pulled in US$1.7 billion in sales and $132.25 million in operating profits for the second quarter of this year, according to Joins.com.
Sales rose 13.3 percent quarter-on-quarter and operating profit surged 1,224 percent. Compared to the same period last year, sales were up 38.8 percent and operating profit flipped from a $126 million loss.
Hyundai credited a recovery in container cargo traffic for the surge in earnings. It also said it was able to increase shipping charges on all its routes, including those in the Americas, Europe, Middle East and India.
In the second quarter, Hyundai handled 718,000 TEUs, a 17 percent increase from the first three months.
With peak season approaching, a new surcharge will be added for routes in the Americas and Europe, leading to expectations of more profit increases.
“All of our ships, including the idle ones, have been put into operation, and we are running close to a 100 percent level,’’ said a Hyundai official. “This boom will continue for a while.’’
Sales rose 13.3 percent quarter-on-quarter and operating profit surged 1,224 percent. Compared to the same period last year, sales were up 38.8 percent and operating profit flipped from a $126 million loss.
Hyundai credited a recovery in container cargo traffic for the surge in earnings. It also said it was able to increase shipping charges on all its routes, including those in the Americas, Europe, Middle East and India.
In the second quarter, Hyundai handled 718,000 TEUs, a 17 percent increase from the first three months.
With peak season approaching, a new surcharge will be added for routes in the Americas and Europe, leading to expectations of more profit increases.
“All of our ships, including the idle ones, have been put into operation, and we are running close to a 100 percent level,’’ said a Hyundai official. “This boom will continue for a while.’’