Hyundai Heavy Industries posts $207m Q2 loss

The South Korean shipbuilder attributed the heavy second quarter losses primarily to a 2.3 percent decrease in overall revenues from last quarter.    South Korean ship builder Hyundai Heavy Industries Co. Ltd. posted a net loss of 242.4 billion South Korean won (U.S. $206.59 million) in the second quarter of 2015, according to the company’s most recent financial statements.
   The world’s largest shipyard had revenues of 11.95 billion won for the quarter, a 2.3 percent decline from the first quarter of 2015 and a 6.8 percent drop from second quarter 2014.
   HHI attributed the heavy losses primarily to a 3.5 percent decrease in shipbuilding sales from last quarter to 4.15 billion won, the delivery of a “very large-sized project” in its Offshore business unit, and a 15.7 percent decrease in Construction sales due to “global downturn.”
   The shipbuilder also said that severance pay and special bonuses, which cost an estimated 96.7 billion won, also contributed to the second quarter losses.