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SOUTH Korea's leading container shipper HMM said its third-quarter earnings tumbled on sluggish shipping rates amid decreased cargo volume.
Net income amounted to KRW95.4 billion (US$72.3 million) in the July-September period, down 96 per cent from a year earlier, the shipping company said in a regulatory filing.
Sales dipped 58 per cent year on year to KRW2.1 trillion, with operating income plunging 97 per cent to KRW75.8 billion.
In the first three quarters of this year, the company posted a top line of KRW6.3 trillion with its net profit reaching KRW705.7 billion and operating profit coming in at KRW542.4 billion.
HMM has remained in the black for 14 consecutive quarters, with its debt ratio dropping to 20 per cent as of end-September from 26 per cent at the end of 2022.
It attributed the nosedive in third-quarter profit largely to falling shipping rates.
HMM said it will ramp up efforts to boost its profitability down the road by rationalizing shipping routes and tapping into new business areas, according to The Korea Times.
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