Hyundai Heavy expects earnings to improve soon

Singapore

HYUNDAI Heavy Industries Co said fourth quarter earnings at its shipbuilding business should improve, as it has already recorded almost all potential losses from order cancellations in its books.

"Our backlog now consists of ships, as construction of specialty vessels like drills and semi-submersibles has pretty much been completed," Ka Sam Hyun, chief operating officer of Hyundai Heavy, the world's biggest shipbuilder, said in Singapore on Friday. "During the third quarter the company pre-emptively reflected potential losses from cancellations."