HMM's Q2 net spikes on higher freight rates

▲ This file photo provided by HMM Co. on July 14, 2022, shows one of its container vessels. (PHOTO NOT FOR SALE) (Yonhap)

HMM-Q2 earnings

HMM's Q2 net spikes on higher freight rates

SEOUL, Aug. 10 (Yonhap) -- HMM Co., South Korea's leading container shipper, said Wednesday its second-quarter earnings shot up from a year earlier thanks to rising freight rates.

Consolidated net profit came to 2.93 trillion won (US$2.24 billion) in the April-June period, up 1,290 percent from a year earlier, the company said in a regulatory filing.

Sales climbed 73 percent on-year to 5.03 trillion won, with operating profit surging 111 percent to 2.94 trillion won.

HMM attributed the stellar second-quarter performance to a jump in shipping rates on all routes, including those to the Americas and Europe.

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