HHI second-quarter net profit plunges 49 pct

HHI

South Korea’s top shipbuilder Hyundai Heavy Industries Co. said Tuesday its second-quarter net profit plunged 49 percent from a year earlier on lower profitability.

Net profit for the three months that ended June 30 slumped to 69.2 billion won (US$62 million) from 137.5 billion won a year earlier, the shipbuilder said in a regulatory filing.

“Lack of high-end and profitable vessels was the main reason that cut into the quarterly bottom line,” a company spokesman said over the phone.

Operating profit fell 13 percent to 151.7 billion won in the second quarter from 175.7 billion won a year ago. Sales were down 23 percent to 4.629 trillion won from 6.076 trillion won during the same period, it said.

Shipbuilders have been struggling with declining orders amid a prolonged economic slowdown following the 2008 financial crisis.
Source; Yonhap

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