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 exper…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
GM CEO Barra compensation fell 4% in 2023 to US$27.8 million
Boeing reports first revenue drop in 7 quarters as deliveries decline
Volkswagen to keep China market share stable as price war rages
COE quota for May-July up 2.7%; passenger car categories rise despite less cut-and-fill
Tesla profits tumble but shares rise on new vehicle plan
Volvo Cars see good demand this year after higher Q1 unit sales