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HMM continues to report profits amid creditor's squabble

HMM continues to report profits amid creditor's squabble

Seoul: Hyundai Merchant Marine announced yesterday that it pulled in 1.99 trillion won ($1.6 billion) in sales and 153.6 billion won in operating profits for the second quarter of this year, amid squabbling between its corporate parent and its main creditor, Korea Exchange Bank.??Sales rose 13.3 percent on-quarter and operating profit surged 1,224 percent. Compared to the same period last year, sales were up 38.8 percent and operating profit flipped from a 146.5 billion won loss. ??In the second quarter, HMM handled 718,000 teu, a 17 percent increase from the first three months.
?Tensions continue to rise between Hyundai Group and its main creditor, Korea Exchange Bank. KEB has shown concern over Hyundai's financial structure and has urged it to submit a reform plan. [07/07/10]

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