] Hyundai Heavy Industries
bounced back into profit in the second quarter, driven by cost-cutting efforts under the industry-wide restructuring program and strong performance in its non-shipbuilding sectors.
The world’s largest shipbuilder posted operating profit of 557.2 billion won (US$490.70 million), a huge turnaround from a loss of 171 billion won from a year earlier, the company said in a regulatory filing on July 27.
Hyundai Heavy's shipyard
In the April-June period, the shipbuilder posted net income of 392 billion won, reversing a loss of 242 billion won on-year.
Sales, however, dropped 17.4 percent on-year to 9.86 trillion won. See also
: Hyundai Oilbank posts record H1 operating profit
The company cited increased profits from its offshore, oil refining and construction equipment sectors behind the earnings turnaround. Cost reduction and a favorable currency market also boosted the sales, it said.
Meanwhile, the company decided to sell its finance affiliates Hyundai Finance Corporation and Hyundai Venture Investment to secure liquidity as part of its restructuring efforts, during the board meeting on July 27.
By Ahn Sung-mi (email@example.com