The South Korean shipbuilder posted a net loss of KRW 572.3 billion for the quarter, compared to a net loss of KRW 351.8 billion for the fourth quarter of 2016.
Hyundai Heavy Industries (HHI) posted a net loss of KRW 572.3 billion (U.S. $524.8 million) for the fourth quarter of 2017, compared to a net loss of KRW 351.8 billion for the fourth quarter of 2016, the company reported.
In addition, HHI’s sales sank, falling 33 percent year-over-year to KRW 3.49 trillion during the fourth quarter of 2017.
However, in an investor relations presentation last month, HHI said the shipbuilding market is showing clear signs of recovery ahead, driven by increasing newbuild orders, thanks to strengthened environmental regulations.
Looking ahead, HHI said its continuing restructuring efforts to ensure profitability amidst challenging market conditions and top-line decline, and limiting the effect of short-term revenue decrease through the expansion of the marine engine business.
HHI said it will focus on research and development for new marine markets, such as vessels fueled with liquefied natural gas and standardized offshore floaters; the transformation to smart shipyard; and technology focused investments.
Hyundai Heavy Industries’ net loss sinks deeper in Q4 2017
