Hyundai Heavy Industries has lousy year for profits

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Hyundai Heavy Industries has lousy year for profits

Hyundai Heavy Industries, Korea’s leading shipbuilder, said yesterday that its net profit sank 62.1 percent from a year earlier as it built low-priced ships and set aside more reserves.

Net profit reached 1.04 trillion won ($954 million) on a consolidated basis last year, compared with a profit of 2.74 trillion won a year earlier, the company said in a regulatory filing.

Sales gained 2.35 percent to 54.97 trillion won last year, while operating income dropped 56.3 percent on-year to 1.99 trillion won, it said. Yonhap
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