HMM Q1 net spikes on high shipping rates

HMM-Q1 earnings

HMM Q1 net spikes on high shipping rates

SEOUL, May 13 (Yonhap) -- South Korea's leading container shipper HMM Co. said Friday its first quarter earnings rose nearly 20-fold from a year earlier amid high freight rates.

Net profit stood at 3.13 trillion won (US$2.43 billion) in the January-March period, compared with a net profit of 154.06 billion won a year earlier, the company said in a regulatory filing.

Sales jumped 103 percent on-year to 4.92 trillion won, with its operating income more than tripling to an all-time high of 3.15 trillion won.

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