HMM records best results in first quarter

HMM (Hyundai Merchant Marine) had its best quarter ever in the first quarter of this year.
HMM announced in an investor relations meeting at the Korea Stock Exchange in Seoul May 11, that it recorded 125.8 billions won business profits, an increase of 12 times compared with the same period of last year.
Sales were 1.191 trillion won, an increase of 38% over the same period last year. Net profits for the term were in the black at 102.3 billion won up from 91.8 billion in the red last time around.
According to the company, they estimate sales for 2004 to hit 4.554 trillion won, an increase of 15.4% as compared with last year. Business profits should hit 585 billion won, or 102.9% more than last year.
HMM president, Roh Jeong Ik, said, "We accomplished a record quarter thanks to improvements in financial affairs and the brisk market," and added, "We will do our best to be the best company and expand business."