Hyundai Heavy swings to Q3 net loss

HHI_Credit_Bloomberg

Hyundai Heavy Industries Co., the world’s largest shipbuilder by sales, said Wednesday that it has shifted to a net loss in the third quarter from a year earlier due to penalties and higher thick steel plate prices.

The company said in a regulatory filing that it posted a net loss of 23.1 billion won ($20.2 million) in the July-September period, compared with a net profit of 182 billion won a year earlier.

Hyundai Heavy blamed the loss on penalties worth 20 billion won for late delivery of a special purpose ship and rising thick steel plate prices.

The shipbuilder said its operating profit fell 56.8 percent on-year to 28.9 billion won, and sales dropped 5.3 percent to 3.24 trillion won in the third quarter.

Shares in Hyundai Heavy rose 0.81 percent to 124,500 won, outperforming the broader KOSPI’s 0.74 percent gain.

[Yonhap]

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