Hyundai Glovis sees profit double

Hyundai Glovis (CEO Kim Kyung-Bae), a Korean logistics company, announced its provisional second quarter net profit dramatically soared by 52.8% to KRW 114.2 billion from KRW 74.7 billion compared with the same period last year.

The company also faced massive growth with its income before tax increasing 39.2% to KRW 130.4 billion from KRW 93.6 billion against 2011 1Q.

In addition Glovis showed KRW 2.3764 trillion in revenue, climbing by 28% from KRW 1.8566 trillion of last 1Q's figure. The operating profit upped to KRW 115.1 billion by 28.4% from KRW 89.6 billion over the previous post year as well.

The Seoul-based company explained its financial results grew by double-digits because the company expanded its PCCs (Pure Car Carrier) and bulk carriers. In terms of sales growth, its PCC and bulk carrier divisions, which carry iron ore, coke, and limestone, grew by 84.8% and 16.7% respectively.

Analysts explained, "Glovis could achieve a healthy figure due to an impressive number of sales and output in Europe by Hyundai Motor Group. Hyundai Motor Group saw its export of CKD (Complete Knock Down), completed cars and bulk cargo increase." < 김보람 기자 brkim@ksg.co.kr >