Hyundai, Samsung Heavy Industries Post Operating Losses in 2Q

Write : 2018-07-23 18:40:24 Update : 2018-07-23 18:55:15

Hyundai, Samsung Heavy Industries Post Operating Losses in 2Q

Hyundai Heavy Industries has posted an operating loss for a third consecutive quarter, largely due to lacking demand and a hike in raw material prices. 

The world’s biggest shipbuilder reported on Monday that its operating loss in the second quarter stood at 175-point-seven billion won, shifting from a net profit of 148-point-four billion won in the same quarter last year. 

This follows the Ulsan-based company's loss of 394-point-one billion won in the fourth quarter of last year and 123-point-eight billion won in the first quarter this year. 

Hyundai Heavy said sales in the second quarter reached three-point-12-trillion won, down 26-point-four percent from a year earlier. 

Samsung Heavy Industries, the world’s third largest shipbuilder, also swung to an operating loss worth 100-point-five billion won in the second quarter from a net profit of 22-point-seven billion won a year earlier. 

The company, based in southern Gyeonggi Province, attributed the downturn to increased costs driven by rising raw material costs as well one-off losses stemming from a delay in the delivery of a drill ship. 

Its sales in the second quarter also declined by 41-point-four percent from a year earlier to one-point-34-trillion won.

[Photo : YONHAP News]

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