Q1 Losses for Hanjin too
15 May 2011
The Korean shipping giant also reported a Q1 2011 operating loss, despite higher revenues.
Hanjin revenues reached US$1.9 billion in Q1, up a similar 16.9%, but reported an operating loss of $11 million.
Hanjin Shipping’s container division reported a loss on the back of declining freight rates on the Asia-Europe trade and increasing fuel costs. The division reported losses of $US28 million, despite a 15.6% year-on-year volume growth fuelling a 16.9% jump in revenue to $1.6 billion.
The company said it would concentrate efforts on cutting costs in order to improve profitability.
