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Hyundai Merchant continues to suffer losses in 2018 on high fuel prices

17:49 February 12, 2019

SEOUL, Feb. 12 (Yonhap) -- Hyundai Merchant Marine Co., South Korea's largest shipping firm by sales, said Tuesday that its operating loss widened last year from a year earlier due to unfavorable market conditions.

Its operating loss reached 577 billion won (US$513 million) last year, compared with a net loss of 407 billion won a year earlier.

The shipping firm blamed the increased loss on higher oil prices and lower freight rates.

Hyundai Merchant's net loss came to 808 billion won last year, narrowing from a net loss of 1.19 trillion won the previous year.

Its sales rose 3.9 percent on-year to 5.22 trillion won over the cited period, it said.

It debt ratio declined to 282.4 percent at the end of last year from 301.6 percent a year ago.

Hyundai Merchant continues to suffer losses in 2018 on high fuel prices - 1

sam@yna.co.kr
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