Hyundai Merchant Marine Co., South Korea's No.2 shipper, said that it swung to the red in the third quarter on a weaker local currency and a slumping global economy. It posted a loss of 189 billion won (US$147 million) in the July-September period, compared with a profit of 50.1 billion a year earlier, the company said in a regulatory filing. Operating income more than doubled to 215 billion won over the cited period, and sales jumped 69 per cent to 2.27 trillion won, it said. Shares of Hyundai Merchant Marine were trading at 37,750 won on the Seoul bourse as of 2:10 p.m., up 9.74 per cent.
"The loss in the third quarter can be attributed to a weaker local currency and less shipping demand," said an official at the company.
The country's currency has lost nearly 30 per cent against the U.S. dollar so far this year as foreigners continued to pull a huge sum of money out of local stocks on global financial turmoil and economic slump concerns.
Its cumulative operating income reached 548 billion won in the first nine months of the year, up 160 per cent from a year earlier, and sales increased 55 per cent to 5.69 trillion won, Hyundai Merchant said.
"The loss in the third quarter can be attributed to a weaker local currency and less shipping demand," said an official at the company.
The country's currency has lost nearly 30 per cent against the U.S. dollar so far this year as foreigners continued to pull a huge sum of money out of local stocks on global financial turmoil and economic slump concerns.
Its cumulative operating income reached 548 billion won in the first nine months of the year, up 160 per cent from a year earlier, and sales increased 55 per cent to 5.69 trillion won, Hyundai Merchant said.