Struggling Hyundai shipyard delivers profits in the first quarter
Hyundai's shipyard HHI saw its fortunes reverse for the better in the first quarter of 2016, delivering positive figures after several quarters of deficits. Simultaneously, the South Korean government is hinting at several initiatives to help the country's hard-pressed shipbuilding sector.
BY KATRINE GRØNVALD RAUN
For the first time in a long time there is positive news from Hyundai's shipyard Hyundai Heavy Industries (HHI), which delivered a profit in the first quarter of the year, reports Korea Times. The profit of USD 213 million is the first positive result after several quarters of major losses reported by the shipyard, which is one of South Korea's three biggest shipbuilders. Meanwhile, revenue fell by 16 percent to USD 894 million, compared with the fourth quarter of 2015.
Already a subscriber?Log in here
Read the whole article
Get access for 14 days for free. No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.
With your free trial you get:
- Access all locked articles
- Receive our daily newsletters
- Access our app
Get full access for you and your coworkers
Start a free company trial todayRelated articles:
Hanjin to divest dry bulk vessels and property
For subscribers
Hanjin's fate is now in the hands of its creditors
For subscribers
South Korean yards struggling to enter new markets
For subscribers
.jpg&w=384&q=75)
