South Korean ship builder faces heavy losses
Hyundai Heavy Industries struggling with record quarterly loss of $1.8 billion
Hyundai Heavy Industries warns that it’s facing worst ever year
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Hyundai Heavy Industries, the world’s largest ship builder, has warned that it’s facing its worst ever year, with a record quarterly loss of $1.8 billion and cost overruns in new business lines, it was reported.
The South Korean firm has been struggling with mounting costs and construction delays on account of building new types of ships in which it does not have much expertise, Reuters reported. The company reportedly expects an operating loss this year of $3 billion.
The shipbuilder has also been facing increased costs to meet deadlines for the construction of two power plants in Saudi Arabia, a $3 billion one in Jeddah, and a $3.2 billion Shuqaiq power plant, it was reported.
