HYUNDAI
Heavy Industries (HHI) lost KRW572.3 billion (US$524.8 million) in
the fourth quarter of 2017, compared to a net loss of KRW351.8 billion over the
same period a year earlier.
The loss came on a decline in turnover, with sales
down 33 per cent year on year to KRW3.49 trillion last quarter.
However, HHI believes the shipbuilding market is showing
signs of recovery ahead on the back of a pickup in newbuild orders thanks to
strengthened environmental regulations, American Shipper reported.
Looking ahead, HHI said its continuing restructuring
efforts to ensure profitability amid challenging market conditions. It plans to
limit the impact of a short-term decline in revenue by expanding its marine
engine business.
The company said it will focus on research and
development for new marine markets such as vessels fuelled by liquefied natural
gas and standardised offshore floaters; the transformation to smart shipyard;
and technology focused investments.
Source : HKSG.
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