Hyundai Heavy Industries posts profits for Q3 of 2016
Hyundai Heavy Industries (HHI) issued a public disclosure of its 3Q 2016 consolidated earnings.
According to a regulatory filing, during the July-September period HHI racked up 8.8391 trillion Korean won (hereinafter referred to as “won”) in consolidated sales while consolidated operating income stood at 321.8 billion won, posting profits for three straight quarters this year.
HHI attributes the operating profits for the third quarter to the following factors; comprehensive restructuring measures put in place since 2014; increased building volume of ships that HHI won at profitable prices; stabilization of manufacturing processes for offshore plant business; profits of its oil refinery subsidiary, Hyundai Oilbank; and continued efforts to reduce material costs and to improve manufacturing productivity for non-shipbuilding businesses including Engine & Machinery, Electro Electric Systems and Construction Equipment.
An HHI official said, “Bearing in mind a severe new order drought that caused us to achieve a mere 22.5% of new order target of this year, we will continue to make preemptive efforts to deal with market uncertainties by enhancing competitiveness and management efficiency.”
