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HomeMaritime NewsRegionsAsiaHHI sees profit slashed in Q2

HHI sees profit slashed in Q2

HHI sees profit slashed in Q2
Seoul: Hyundai Heavy Industries (HHI), the world's largest shipbuilder, posted a big drop in net profit in the second quarter due to lower newbuilding prices.

The South Korean shipbuilder recorded second quarter net profit of KRW134.1bn ($118.4m), down 83% year-on-year.
 
“Most ships ordered at good prices before the 2008 financial crisis have been delivered and shipbuilders are now in the middle of delivering ships contracted around 2010 at low prices,” a HHI spokesperson was quoted saying.
 
Second quarter revenue edged up to KRW13.4trn while operating profit declined 65% to KRW358.5bn.

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