Hyundai Heavy posts net loss $200 million net loss for second quarter

Yonhap reports that Hyundai Heavy Industries has posted a net loss of ₩233.7 billion (US$206 million) for the second quarter of 2018, compared to the net profit of ₩182.8 billion it reported for the same time last year.

HHI attributed the loss to higher steel plate prices and the one-off costs of a retirement program for 700 employees it put in place during the period.

The company’s sales fell 26.4 per cent over the quarter.

HHI’s operating loss during the period was ₩175.7 billion, significantly down from its net profit of ₩148.4 billion a year earlier.

Hyundai Heavy will be suspending operation at its offshore facilities shipyard in August due to a dry up of orders.