HMM Co. Ltd. (011200.KS), a South Korean shipping company, reported Thursday sharply lower profit in third quarter with weak revenues amid volatile market.
Looking ahead to the fourth quarter, the company said the market conditions are expected to remain weak due to the traditional year-end slack season. Continued uncertainty is also anticipated due to evolving U.S. tariff policies. HMM said it is optimizing operations by adjusting port calls and vessel deployment across trade lanes to face these conditions.
The company is also focusing on high-yield cargo segments such as reefer cargo, out-of-gauge shipments and other special cargo, and exploring new trade routes to improve profitability.
In the third quarter, net profit plunged 82.5 percent to 304 billion Korean won from last year's 1.74 trillion won.
Operating profit fell 79.7 percent to 297 billion won from 1.46 trillion won a year ago.
HMM said it maintained a stable operating margin of 11 percent despite lower freight rates, reflecting continued efforts in cost optimization and efficient operations.
The revenue for the quarter declined 23.8 percent to 2.71 trillion won from 3.55 trillion won last year.
The Shanghai Containerized Freight Index or SCFI averaged 1,481 points in the quarter, down 52 percent from 3,082 points in the same period last year.
In South Korea, HMM shares closed Thursday's trading at 20,000.00 won, down 1 percent.
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