News / HMM warns of more cost cutting, despite Q1 profit boost

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Announcing its Q1 results today, HMM warned that, despite rising profits, fears of a change in market conditions would see it cut costs and focus on high-yielding business.

Q1 revenue climbed 12% year on year, to KRW2,330bn ($1.7bn), while net profit shot up 63%, to KRW485bn, and operating profit rose to KRW407bn.

The carrier said: “Despite market uncertainties, the combined operating margin reached 17.5%, marking a surplus for the last 16 consecutive quarters.”

And the Korean shipping line put its success down to ...