The revenue rose 84.9% to KRW 2428.0 billion in Q1 2021 from KRW 1313.1 billion in Q1 2020. The operating profit was KRW 1019.3 billion with a margin of 42% in Q1 2021 against a loss of KRW 2.0 billion in Q1 2020. The first-quarter performance surpassed KRW 980.8 billion, the earnings for the whole of 2020.
The net profit was KRW 154.1 billion in Q1 2021 against a loss of KRW 65.6 billion in Q1 2020. Container handling volumes increased 6.7% to 0.95 million TEU in Q1 2021 compared to 0.89 million TEU in Q1 2020.
HMM significantly improved earnings in Q1 2021, mainly driven by efficient fleet operations including twelve 24,000 TEU containerships, higher freight rates, and increased container handling volumes.
Container Volume (million TEU)
※ The gap between operating income and net profit primarily results from the incurrence of loss from the valuation of derivatives under the IFRS-16 accounting standard. That is a paper loss without an impact on the actual cash flow of the company. The loss on valuation of derivatives will last through June 2021 and will no longer be reflected in HMM’s financial results as of July 2021.
Source: Maritime Shipping News