SEOUL: South Korean shipbuilder Hyundai Heavy Industries on Thursday reported a record net loss in the third quarter, reflecting delayed construction projects and competition from Chinese rivals.
The company said its consolidated net loss for July to September stood at 1.46 trillion won ($1.4 billion) from 12.5 billion won a year ago.
It also posted a record operating loss of 1.93 trillion won in the third quarter, compared to a profit of 222.4 billion won a year earlier.
Sales fell 5.6 percent to 12.4 trillion won.
The company attributed the loss mainly to large provisions made against delayed projects.
It promised to restructure its business or sell unprofitable businesses to cut costs and improve profitability.
"It's regrettable that we have to report losses have widened further. But after massive provisions, we hope to regain the market's confidence in us," it said in a statement.
South Korean shipbuilders have been hit by a global economic slowdown and growing competition from Chinese rivals over the past several years. (AFP)
