Hyundai Merchant swings to loss in 2016

Published : Feb 9, 2017 - 17:38 Updated : Feb 9, 2017 - 17:38

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

(Yonhap)

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. (Yonhap)