World’s Largest Shipbuilder Reports $2 Billion Loss in 2014

South Korea’s Hyundai Heavy Industries, the world’s largest shipbuilder, has reported working lack of KRW 3.25 trillion in 2014, or about USD $2.96 billion. The working loss in 2014 is in comparison with a revenue of KRW 802 billion in 2013.

Full-year revenues hit KRW 52.58 trillion (US$47.9 billion) in 2014, down 3% from KRW 54.19 trillion in 2013, the corporate mentioned.

The firm reported a internet lack of KRW 2.2 trillion (US$2 billion) for the 12 months, in comparison with a revenue of KRW 146.3 billion in 2013.

In the fourth quarter, revenues had been up 11.6 % from the earlier quarter to KRW 13.8641 trillion due to elevated working days, receipt of change orders from shoppers and the progress of mega-sized EPC initiatives in offshore and onshore companies, the corporate reported. However, in year-over-year (YoY) phrases, HHI witnessed a slight drop of 6.5 % in revenues as low oil costs damage the refinery enterprise, in response to HHI.

HHI reported that in This fall its working loss narrowed quarter over quarter (QoQ) to KRW 22.3 billion from KRW 1.9346 trillion on account of diminished provisions in each HHI and its affiliate firms. Operating loss dropped YoY as effectively on account of provision cutbacks in shipbuilding enterprise and the receipt of change orders price $208 million in its offshore enterprise.