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HomeMaritime NewsRegionsAsiaHHI sees profit slashed by 63%

HHI sees profit slashed by 63%

HHI sees profit slashed by 63%
Seoul: Hyundai Heavy Industries (HHI), the world's largest shipbuilder, has its net profit slashed by more than half in the first quarter as newbuilding orders dipped.

First quarter net profit at HHI plunged 62.6% to KRW523.1bn ($459.16m) compared to KRW1.4trn in the same period of 2011.

Revenue at the South Korean firm rose slightly to KRW13.9trn from KRW12.7trn a year ago.

HHI expects demand from the offshore sector for drillships and oil rigs to lift its earnings up by around one-fifth during the current financial year.

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