Hanjin Shipping Co., South Korea's top container line, said Friday that it swung to a net loss in the third quarter from a year earlier due to higher fuel costs and falling freight rates.
Net loss came to 85.9 billion won ($77.2 million) in the July-September period, compared with a profit of 252 billion won a year ago, the company said in a regulatory filing.
Sales fell 12.6 percent on-year to 2.47 trillion won over the cited period. The shipper also suffered an operating loss of 135 billion won in the third quarter, shifting from an operating income of 416 billion won a year earlier, it said.
Shares of Hanjin Shipping were trading at 10,900 won on the Seoul bourse as of 2:10 p.m., up 9.33 percent.
Net loss came to 85.9 billion won ($77.2 million) in the July-September period, compared with a profit of 252 billion won a year ago, the company said in a regulatory filing.
Sales fell 12.6 percent on-year to 2.47 trillion won over the cited period. The shipper also suffered an operating loss of 135 billion won in the third quarter, shifting from an operating income of 416 billion won a year earlier, it said.
Shares of Hanjin Shipping were trading at 10,900 won on the Seoul bourse as of 2:10 p.m., up 9.33 percent.