HMM doubles annual loss to $922m

摘要

Hyundai Merchant Marine is expected to double net losses for 2012 to Wonltrn ($922m) against Won473bn ($430m) in the previous year, despite a fleeting improvement in the third quarter of 2012.The Seoul-listed company blamed the hefty losses on higher operating costs, fuel expenses and a stronger Won, according to preliminary results issued to the South Korea bourse.Operating losses widened 63% to Won520bn ($480m), falling short of analysts' estimation. Tongyang Securities analyst Seong-jin Kang, who expected the company to post Won390bn ($360m) operating losses, called the results disappointing.