20 Februari 2018

[200218.EN.BIZ] Hyundai Heavy Industries' Q4 2017 Loss Swells to US$525m

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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