Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

HHI stays in the red with first half loss of $328m

HHI stays in the red with first half loss of $328m
Hyundai Heavy Industries (HHI), the world’s largest shipbuilder, continued to stay in the red in the first half, booking a loss of KRW380.8bn ($328.2m).

In the first six months ended 30 June 2015, the South Korean shipyard posted a deficit of KRW380.8bn, narrowing from a much wider loss of KRW674.4bn in the same period of last year.

In the second quarter, HHI booked a loss of KRW242bn compared to the loss of KRW616bn in the previous corresponding period.

The shipbuilder, which is going through an internal restructuring amid the shipbuilding market recession, said that the severance pay and a special bonus, estimated at KRW96.7bn, contributed to the loss during the second quarter.

Strict cost-cutting efforts have helped to partially offset the quarterly loss, HHI added.

Revenue during the second quarter came in at KRW11.95trn, down 2.3% year-on-year.