Hyundai Merchant Marine Co., a major shipping firm here, will be able to achieve a turnaround during the second half of next year given its improving financial status and business conditions, its chief said Tuesday.
"Our business is quickly getting back on track helped by improving business and financial conditions," Hyundai Merchant chief executive Yoo Chang-keun said in a meeting with junior-level employees.
(Yonhap)
On Monday, Hyundai Merchant reported that its operating loss narrowed to 131 billion won ($117 million) in the first quarter from an operating loss of 163 billion won the previous quarter.
Sales rose 7 percent on-year to 1.3 trillion won over the cited period, it said.
Hyundai Merchant expects freight rates to improve down the road on seasonal factors.
The top executive said earlier that next year's forecast for Hyundai Merchant is based on prospects for better business conditions, reduced costs and realigned routes. (Yonhap)