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Hyundai Merchant swings to loss in 2016

All News 17:28 February 09, 2017

SEOUL, Feb. 9 (Yonhap) -- Hyundai Merchant Marine Co., a major shipping line here, said Thursday that it returned to the red last year from a year earlier largely due to low freight rates and continued operating loss.

Net loss came to 44.3 billion won (US$38.7 million) last year, compared with a net profit of 622 billion won a year earlier, the company said in a regulatory filing.

Operating loss widened to 833 billion won from 279 billion won over the cited period, it said.

Sales also fell 18.8 percent on-year to 4.58 trillion won from 5.65 trillion won, it said.

"Low global trade and freight rates were behind the widening operating losses," the shipping line said.

Hyundai Merchant swings to loss in 2016 - 1


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