Hyundai Merchant Q3 losses narrow on increased sales, cost-cutting efforts

SEOUL, Nov. 14 (Yonhap) — Hyundai Merchant Marine Co., South Korea’s biggest shipping company by sales, said Thursday its net losses narrowed in the third quarter from a year earlier due to a rise in sales.

Net losses narrowed to 124.2 billion won (US$106 million) in the July-September period from 166.7 billion won a year earlier, the company said in a regulatory filing.

Operating losses narrowed to 46.6 billion won in the third quarter from a 123.1 billion won deficit a year ago. Sales rose 1.4 percent on-year to 1.44 trillion won during the cited period, the company said.

Hyundai Merchant said despite lower container freight rates in the third quarter, its cost-cutting efforts, such as securing high-value shipping deals, helped the company to reduce its deficit.

In the first nine months, Hyundai Merchant’s sales increased 10.3 percent on-year to 4.1 trillion won, while operating losses narrowed to 265.2 billion won from 493 billion won a year ago.