HHIH sees net plummet 92.6% in Q2

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HHIH sees net plummet 92.6% in Q2

Hyundai Heavy Industries Holdings' net nosedived more than 90 percent in the April-June period compared to the previous quarter. 
 
Hyundai Heavy Industries Holdings (HHIH), 26.6 percent owned by Chung Mong-joon, is a holding company for a range of businesses.
 
Its subsidiaries include Korea Shipbuilding & Offshore Engineering (KSOE), Hyundai Construction Equipment and Hyundai Oilbank. 
 
The holding company on Friday reported 6.3 trillion won ($5.63 billion) in sales in the second quarter, up 58 percent on year. 
 
Net profit was 21.8 billion won, down 92.6 percent from the previous quarter and up from a 12.9 billion won net loss in the second quarter of last year.
 
Sales in the first half stood at 12.41 trillion won, up 27.6 percent on year. Net profit was 316.2 billion won compared to a 373.3 billion won loss in the first half of last year.  
 
The company cited a poor performance by KSOE, which reported a 722.1 billion won net loss in the second quarter, for the sharp decline in profit.    
 

BY JIN MIN-JI [jin.minji@joongang.co.kr]
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