HHI swings to second-quarter net loss

HHI

Hyundai Heavy Industries, the world’s largest shipbuilder, shifted to a net loss in the second quarter of this year due to the high price of steel plates for shipbuilding and costs for a retirement program.

Hyundai Heavy said in a regulatory filing that it posted a net loss of 233.7 billion won ($207 million), compared with a net profit of 182.8 billion won a year earlier.

In the April-June period, the shipbuilder posted an operating loss of 175.7 billion won, compared with a net profit of 148.4 billion won a year earlier. Sales were 26.4 percent on-year to 3.12 trillion won.

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