HHI saw value of orders slump by nearly one quarter last year

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HHI saw value of orders slump by nearly one quarter last year

Hyundai Heavy Industries, the nation’s leading shipbuilder, said Monday that the value of orders it received in 2012 dropped 23 percent due mainly to the global economic slump.
In a regulatory filing, the world’s largest shipyard said it received new orders valued at $19.49 billion this year, compared with last year’s $25.32 billion.
Its sales rose 0.27 percent on-year to 25.09 trillion won this year, it said.
New ship orders tumbled this year as the euro zone crisis reduced demand amid global overcapacity.
Earlier, the shipbuilder cut the number of executives and began its first early retirement program in order to tide over competition from Chinese shipyards and an order slump.


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