South Korean shipbuilding giant Hyundai Heavy Industries (HHI) has recorded 25.1 percent lower order intake for the first nine months of 2014 when compared to the same period last year.
According to the company’s Interim Report on Business Performance, new orders rounded up at USD 16.3 billion, around USD 5bn less than last year when the order book amounted to USD 21.8 billion.
The company’s shipbuilding performance was down by 27.8 %, falling to USD 4.93 billion for the nine-month period 2014, from USD 6.83 billion for the same period in 2013.
HHI reported a net loss of USD 1 billion in the second quarter. As the company is struggling to boost its performance and efficiency, painful moves had to be taken to restructure its business and cut back on spending.
The most recent move saw HHI lay off 81 out of 262 executives , cutting its number of executive by 31 percent, according to Korea Herald.
World Maritime News Staff