[THE INVESTOR] Hyundai Merchant Marine said on Nov. 10 that it continued to suffer an operating loss in the third quarter of the year but successfully narrowed it from a year earlier on cost-saving efforts.
Its operating loss was 29.5 billion won (US$26.4 million) in the July-September period, compared with 230 billion won the previous year, the company said.
The third-quarter bottom line marks the 10th quarterly operating loss since the second quarter of 2015.
Sales, however, jumped 20 percent on-year to 1.29 trillion won over the cited period, it said.
HMM said its fuel costs surged 34.2 percent in the third quarter from a year earlier, but its cost-saving efforts helped it narrow the operating loss.
The shipper said sales from its container business soared 28.2 percent on-year in the July-September period, leading to an overall rise in third-quarter revenue. It handled some 1.04 million TEUs in the third quarter, up 41 percent from a year earlier.
By Alex Lee and newswires (
alexlee@heraldcorp.com)