April 18, 2017 09:25
Shipbuilders are anticipating another drastic drop in sales in the first quarter as they are poised to release earnings figures in the next couple of weeks.
Pundits estimate that Hyundai Heavy Industries' quarterly sales will fall to some US$8 billion, nearly $1 billion less than the previous quarter and the same quarter last year.
Samsung Heavy Industries estimates sales at $1.8 billion, or $350 million less than the year before. And Daewoo Shipbuilding and Marine Engineering is also expected to see sales fall, though the estimates are not yet out.
The reason is a drastic drop in ship orders, though the companies are still turning a profit thanks to brutal cost-cutting.
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