The strong rebound in shipping markets pushed HMM's operating profit to KRW 303.1bn against a loss of KRW 34.3bn in 2002. Sales were down 14% at KRW 3.9 trillion.
HMM sold its car carrier unit, responsible for 20% of sales, in 2002 to Wilh. Wilhelmsen and Wallenius Lines for $1.5bn in a bid to reduce a crippling debt burden.
The company has reduced debts further by selling off ships, trimming down its operations and using IT to achieve greater efficiency.
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