SEOUL– Hyundai Heavy Industries Holdings Co. said Monday its net losses narrowed in the fourth quarter from a year earlier on increased equity gains from affiliates.
Net losses narrowed to 189.6 billion won (US$158 million) in the October-December quarter from 451 billion won during the same period of last year, the company said in a statement.
Shareholding gains from Hyundai Construction Equipment Co. and Hyundai Oilbank Co. buoyed the quarterly results as the companies obtained more global infrastructure projects and benefited from higher oil product prices, respectively, the statement said.
The holding company shifted to an operating profit of 64.7 billion won from an operating loss of 315.3 billion won a year ago. Sales jumped 84 percent to 8.47 trillion won from 4.61 trillion won during the same period.
Hyundai Heavy Industries Holdings has Korea Shipbuilding & Offshore Engineering Co. (KSOE) as a subholding company under its wing. KSOE has three affiliates — Hyundai Heavy Industries Co., Hyundai Mipo Dockyard Co. and Hyundai Samho Heavy Industries Co.
For the whole of 2021, the holding firm swung to a net profit of 186 billion won from a net loss of 789.7 billion won a year earlier.
It also shifted to an operating profit of 1.085 trillion won last year from an operating loss of 597.1 billion won the previous year. Sales rose 49 percent to 28.16 trillion won from 18.91 trillion won during the same period.
Source: Yonhap News Agency