(MENAFN) Hyundai Heavy Industries Co. said its first-quarter loss widened from a year earlier as the industry-wide slump continued and it paid hefty severance payments, Yonhap News reported.
The world's largest shipbuilder's net loss amounted to USD117 million in the first three months of the year, with a loss of USD84.6 million a year earlier, the company said in a statement.
Sales dropped 9.6 percent on-year to USD11.37 billion in the first quarter, while it suffered an operating loss of USD178.5 million, widening from an operating loss of USD175.6 million a year earlier.
The company said there were fewer shipbuilding orders and sales also sank due to a drop in oil prices, which hit its oil refining unit. Also, costs to cover restructuring moves such as an early retirement program increased sharply.
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