[Yonhap Photo]
Hyundai Heavy Industries, the world's largest shipbuilder, Tuesday reported a turnaround in its first quarter earnings, helped by reduced costs and gains in non-shipbuilding businesses.
On a consolidated basis, the company swung to a net profit of 244.5 billion won (212 million US dollars) in the January-March period, from a net loss of 378 billion won a year ago.
Over the same period, sales dropped 16 percent on-year to 10.27 trillion won, but the company registered a first-quarter operating profit of 325.2 billion won, a turnaround from a loss of 125 billion won a year earlier. It marked the first quarterly profit since the third quarter of 2013.
Hyundai Heavy attributed the turnaround to cost-cutting efforts, a smaller deficit in offshore plants, and an improvement in its non-shipbuilding segment. But the company benefitted much from a profit in its petroleum and refinery affiliate, Hyundai Oilbank.
Aju News Park Sae-jin = swatchsjp@ajunews.com
reporter
Park Sae-jin
swatchsjp@ajunews.com
