Dropping Trend in Hyundai Heavy Industries

HYUNDAI Heavy Industries, which is seeking to implement a Won3.5trn ($3bn) management improvement plan, posted a 14% year-on-year drop in its May sales at Won1.64trn, interim data from the company showed.

News ID: 65957

Date: 20 June 2016 - 16:34

According to MANA,HHI, the world's largest shipbuilder, saw its sales decline 7.5% in May from almost Won1.8trn the previous month, the Korean shipbuilder said in an interim report on its business performance.
For the first five months of the year, HHI's sales came at nearly Won9trn, a 16.5% drop from the same five-month period in 2015.
New orders reached $3.2bn year to date, a 44.5% slump from the same five-month period in 2015, Hyundai Heavy Industries said, without providing monthly new order numbers.
For shipbuilding alone, new orders contracted 68% in the first five months of the year to $731m from almost $2.3bn in the same period last year. Shipbuilding acounted for 22.7% of new orders in the five-month period.
New orders in offshore and engineering projects dropped a hefty 62% in the first five months to $303m from the $797m in the same five-month period a year earlier.
The new orders in electro electric systems bucked the drop in new orders, rising 17.6% year on year in the first five months to $870m, the interim data showed.
In the first quarter of 2016, HHI reported a Won208.6bn profit attributable to shareholders, rebounding from a year-ago loss of Won138.8bn.