For its third quarter results, HHI racked up profit of KRW334.4bn ($295.17m) as against the loss of KRW617.6bn in the same period of 2015. The Korean shipbuilder had ended a losing streak spanning nine quarters when it posted a profit in the first quarter of 2016.
Revenue for the latest third quarter was reported at KRW8.84trn, down 19% from KRW10.92trn in the previous corresponding period.
HHI attributed the continued profit to comprehensive restructuring measures put in place since 2014, increased building volume of ships at profitable prices, stabilization of manufacturing processes for offshore plant business, profits of its oil refinery subsidiary Hyundai Oilbank, and continued efforts to reduce material costs and to improve manufacturing productivity for non-shipbuilding businesses.
“Bearing in mind a severe new order drought that caused us to achieve a mere 22.5% of new order target of this year, we will continue to make preemptive efforts to deal with market uncertainties by enhancing competitiveness and management efficiency,” an official at HHI said.
Last month, HHI won backing from seven local banks for the issue of refund guarantee to allow the shipbuilder to continue securing shipbuilding projects.
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