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

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.