Hyundai Heavy Sees Lower Net Income, Still in Black
South Korean shipbuilder Hyundai Heavy Industries, one of the country’s Big Three shipyards, has managed to stay in the black for the third quarter in a row.
According to the company’s stock exchange filing, Hyundai Heavy saw its net income for the third quarter of 2016 at KRW 334.4 billion (USD 294.9 million).
Although the figure was 14.7 percent lower than the KRW 392.3 billion reached in the second quarter of the year, it was a turnaround compared to a net loss of KRW 617.6 billion reported in the third quarter of 2015.
HHI’s operating income for the period plunged to KRW 321.8 billion from KRW 557.2 billion, representing a 42.2 percent change. Compared to the third quarter of 2015, the company said that its operating income saw a turnaround from an operating loss of KRW 897.7 billion.
The company’s sales decreased by 10.3 percent to KRW 8.8 trillion from KRW 9.8 trillion seen in the previous quarter, and by 19 percent compared to KRW 10.9 trillion recorded in the third quarter of 2015.
World Maritime News Staff