Hyundai slides into Q1 operating loss

Hyundai Merchant Marine, Korea's number two carrier, said yesterday it posted an operating loss in the first quarter due to changes in accounting standards and less demand for container shipping.


The loss came to US$22.3 million in the January-March period, compared with an operating income of 6.2 billion won a year earlier, the company said in a regulatory filing.


Sales slipped 2.8 percent to $1.6 billion over the cited period. The shipper did not unveil its first-quarter net profit.
(Source:http://www.cargonewsasia.com)