SEOUL, South Korea – In a significant shift, HD Hyundai Co. reported a fourth-quarter net loss of 117 billion won (US$88.2 million), moving away from the profit of 38.8 billion won recorded a year earlier.
According to Yonhap News Agency, The company disclosed in a regulatory filing that, despite the quarterly loss, it achieved an operating profit of 357.9 billion won for the quarter, an improvement from the 274.5 billion won operating profit reported in the same period last year. Sales for the quarter saw a modest increase of 1.2 percent, totaling 16.71 trillion won.
This financial update from HD Hyundai, formerly known as Hyundai Heavy Industries, highlights the volatile nature of the shipbuilding and industrial sector, juxtaposing a significant quarterly net loss against the backdrop of improved operating profit and slight sales growth.