April 26, 2024

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Hyundai Heavy Industries said on May 2 it swung to black in the first quarter of the year from a year earlier.

Net profit reached 17.3 billion won ($14.8 million) in the January-March period on a consolidated basis, compared with a loss of 132 billion won a year earlier, the company said in a regulatory filing.

The shipyard also logged an operating income of 28.1 billion won in the first quarter, shifting from an operating loss of 124 billion won a year earlier.

Sales climbed 7.4 percent on-year to reach 3.27 trillion won over the cited period, it added.

Last year, HHI suffered a net loss of 633 billion won, compared with 93.4 billion won in the red in 2017, due to higher costs in building vessels and less demand for specialty ships.

By Ram Garikipati and newswires (ram@heraldcorp.com)