HMM Cuts Operating Loss

HMM

Hyundai Merchant Marine (HMM) saw its operating loss narrow to KRW 128.1 billion (USD 111.8 million) in the second quarter of 2017 from KRW 254.3 billion (USD 222 million) in the same period a year earlier.

The company’s operating loss in container business stood at KRW 96.2 billion, improved by KRW 123.8 billion YoY from KRW 220 billion due to various cost-saving efforts.

HMM ended 2Q 2017 with a total revenue of KRW 1,241.9 billion, a 22.1 percent increase when compared to a revenue of KRW 1,016.8 billion seen in the same quarter last year.

Total revenue in USD increased by 26.4 percent due to the influence of foreign currency translation gain.

Container volume in 2Q rose by 45.5% YoY to 986,022 TEU from 677,540 YEU reported in the three-month period of 2016. Volumes in the US trades climbed by 34.5% and in Intra-Asia by 94.5%.

 

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