Hyundai Heavy posts Q3 loss of US$1.8b, expects worst year ever
Seoul
SOUTH Korea's Hyundai Heavy Industries Co Ltd, the world's biggest shipbuilder, slid to a record quarterly loss of US$1.8 billion and warned it's heading for its worst-ever year as cost overruns mount up in new business lines it developed to counter a global glut of low-margin ship orders.
Hyundai Heavy said on Thursday it slumped to an operating loss of 1.93 trillion won (S$2.3 billion) for the third quarter, from a 222.4 billion won profit a year earlier, as it soaked up rising costs caused by delays in building new types of ships in which it had little previous expertise.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
Toyota and Nissan pair up with Tencent and Baidu for China AI arms race
China's largest auto show displays all-electric future, local brands dominate
Toyota hits record annual output, sales on robust demand
Nissan, Mazda roll out new models for China as they aim for comeback
VinFast chief plans to invest US$1 billion more from his fortune in EV maker
XPeng CEO says its software, AI upgrades to enter ‘super fast cycle’