Hyundai Merchant Q1 net losses widen on low demand, rates
Hyundai Merchant Marine Co., South Korea’s biggest shipping company by sales, said Wednesday its net losses deepened in the first quarter from a year earlier due to a decline in demand and shipping rates.
Net losses widened to 178.46 billion won (US$150 million) in the January-March quarter from 175.74 billion won a year earlier, the company said in a regulatory filing.
“Seasonal demand in the first quarter is not usually strong. We expect shipping rates and freight volumes will increase in the second and third quarters,” it said.
Operating losses narrowed to 105.67 billion won in the first quarter from 170.09 billion won a year ago. Sales rose 18 percent to 1.32 trillion won from 1.11 trillion won during the cited period, the company said.