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HMM chops loss

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Time:2014-3-11Copyright:Highsun

Hyundai Merchant Marine (HMM) posted its third straight year of losses but managed to curb the deficit after offloading some assets.The Korean shipowner ended the 12 months to 31 December KRW 715.3bn ($673m) in the red, up by 27% from a KRW 988.5bn loss in 2012.Full year revenue increased by 1.3% to KRW 8.15 trillion from KRW 8.05 trillion a year earlier.HMM could fare better this year having agreed last month to sell its LNG fleet to a Korean investment company for KRW 1.1 trillion.The price for the seven fully owned and two part owned ships amounts to a third of the KRW 3.3 trillion the company is targeting from assets sales.