Korea Express overtakes Hyundai as top Korean parcels firm

Korea Express has overtaken Hyundai Express to regain its former position as the largest domestic parcels company in South Korea, according to local newspaper reports.

The company, recently bought by the Kumho-Asiana group, ended 2007 with sales of 293 billion won (EUR 187 million) and delivered 132 million packages. It also achieved a 5 pct operating profit which was higher than then other three operators, according to official company reports.

This put it ahead of previous domestic market leader Hyundai Express which had sales of 286 billion won (EUR 183 million) and 120 million packages. The third largest parcels company was Hanjin Express, with sales of 252 billion won (EUR 161 million), followed by CJ GLS, with 184 billion won (EUR 118 million), according to the reports.