HMM Q1 operating income sinks over 90 pct on weaker shipping rates

HMM-Q1 earnings

HMM Q1 operating income sinks over 90 pct on weaker shipping rates

SEOUL, May 15 (Yonhap) -- HMM Co. said Monday its first-quarter operating profit tumbled more than 90 percent on-year amid sluggish shipping rates.

Operating income came to 306.9 billion won (US$230 million) in the January-March period, down 90.3 percent from a year earlier, South Korea's top container shipper said in a regulatory filing.

Sales plunged 57.7 percent on-year to 2.01 trillion won.

HMM said its operating profit and top line fell in the first quarter from a year earlier as shipping rates normalized to pre-pandemic levels.

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