Hyundai Heavy Industries (HHI), the world's largest shipbuilder, posted a big drop in net profit in the second quarter due to lower newbuilding prices.
The South Korean shipbuilder recorded second quarter net profit of KRW134.1bn ($118.4m), down 83% year-on-year, Seatrade Asia online reports.
“Most ships ordered at good prices before the 2008 financial crisis have been delivered and shipbuilders are now in the middle of delivering ships contracted around 2010 at low prices,” a HHI spokesperson was quoted saying.
Second quarter revenue edged up to KRW13.4trn while operating profit declined 65% to KRW358.5bn.
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