HHI posts KRW 78.1 loss last year

Hyundai Heavy Industries (HHI) took in KRW 7,404.2 billion in sales and KRW 532.3 billion of sales profit, revealed the company on February 21.

It also recorded a KRW 51.9 billion loss in ordinary profits and a KRW 78.1 billion loss in net profits.

Though sales increased by 11.7% over last year’s KRW 6,626.1 billion, sales profits decreased by 29.3% over 2000’s KRW 753.8 billion. This loss is accounted for by lower-priced vessel deliveries in 1999.

Ordinary and net profits recorded huge drops under pressure from KRW 410 billion in investment spent on Hyundai Petrochemical Co., Korea Industrial Development, and Hyundai Oil Bank.

HHI expected orders to increase by 14.2% to KRW 8,458 billion compared to last year thanks to favorable vessel prices in 2000, as well as sales profits to increase by over 50%.