South Korean carrier Hyundai Merchant Marine today reported a third-quarter operating loss of KRW46.6bn (US$39.8m), representing a 62.1% year-on-year improvement on last year’s Q3 loss of KRW123.1bn.

The company said the improvement largely came about as a result of its cost reduction efforts.

“HMM has achieved a significant reduction in its operating loss as compared to the preceding year, mainly due to TDR [tear-down and redesign] activities which include overall process innovation …

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Source: The Loadstar