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Hyundai Heavy books first quarter deficit

Shipbuilder Hyundai Heavy Industries suffered a deficit in the first months of the year, reporting a slide in orders and currency fluctuations.

Photo: /ritzau/AP/Lee Jin-man

South Korean shipbuilder Hyundai Heavy Industries went negative again in the first quarter of the year with a net deficit of USD 123 million, compared to a profit in the same period last year.

According to news agency Yonhap, the setback is caused by a strong KRW combined with fixed costs and a decreasing order intake. The effects of this included lower earnings on foreign business transactions.

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