• 2016 April 26 09:59

    Hyundai Heavy Industries posts 1Q 2016 consolidated earnings

    Hyundai Heavy Industries (HHI) issued a public disclosure of its 1Q 2016 consolidated earnings today, the company said in its press release.

    According to a regulatory filing, HHI racked up 10.2728 trillion Korean won (hereafter the “won”) in sales, a 7.8 % decline from the previous quarter while operating income swung to a profit of 325.2 billion won, putting an end to a nine-quarter losing streak.

    An HHI officer said, “For 1Q 2016, we have returned to the black mainly due to the following reasons; the phase-out of low-price shipbuilding contracts, stabilization of manufacturing processes for offshore and industrial plant business, reduced material costs, the weakening won and noticeable performance improvement of non-shipbuilding businesses including Engine & Machinery, Electro Electric Systems and Construction Equipment.”

    HHI attributes the turnaround to a series of drastic and comprehensive restructuring measures launched in 2014 by the incumbent top management in an effort to tide over the protracted crisis.

    HHI launched HHI Group Ship/Offshore Marketing Division by combining sales departments of its shipbuilding and offshore division for increased synergies. HHI also instituted profit-focused restructuring by liquidating unprofitable businesses and overseas incorporated firms, such as Hyundai Cummins Engine Company and JaKe. In an effort to put more emphasis on its core businesses, HHI spun off the industrial machinery unit of its Engine & Machinery Division, and disaffiliated its trading arm, Hyundai Corp., from the HHI group.




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2024 March 28

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2024 March 27

18:22 Bureau Veritas awards world’s first prototype certification for SolarDuck’s floating offshore solar solution
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12:52 The Port Authority of Valencia launches the ZAL project in the Port of Valencia
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2024 March 26

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16:57 Terntank places an order for 1+1 additional wind/ methanol-ready hybrid tanker
16:28 BW LNG completes acquisition of two TFDE vessels from Stena Bulk
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14:23 Hudong-Zhonghua launches two LNG carriers
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12:21 IHI and Yara Clean Ammonia agree to jointly assess clean ammonia business collaboration
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11:16 Wartsila and Royal Caribbean Group celebrate 15 years of collaboration on digital transformation
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2024 March 25

18:07 The Maritime and Port Authority of Singapore continues to investigate reports of oil spills off the port of Tuas
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16:47 Hanwha Ocean Plans to develop green technology and naval ships
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14:40 Taiwan International Port to upgrade terminal facility at Kaohsiung
13:59 Сruise ship Carnival Freedom catches fire near Bahamas
12:59 Hanwha Ocean wins 2.4 tln-won order for 8 LNG ships
11:16 Inland Ports meet in Paris to talk about the innovation potential of inland ports
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2024 March 24

16:18 Inchgreen Marine Park upgraded as part of £11m investment
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