Arab Today, arab today south korean shipbuilders seek restructuring amid heavy losses
Last Updated : GMT 23:18:41
Arab Today, arab today
Arab Today, arab today

South Korean shipbuilders seek restructuring amid heavy losses

Arab Today, arab today

Arab Today, arab today South Korean shipbuilders seek restructuring amid heavy losses

South Korean shipbuilders
Seoul - Yonhap

South Korea's top three shipbuilders are pushing to step up restructuring efforts in the second half of 2015 as they posted record losses earlier this year, industry sources said Sunday.

The outlook came as the shipbuilders -- Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co., and Samsung Heavy Industries Co. -- posted a combined operating loss of 4.7 trillion won (US$4 billion) in the first half of 2015.

Daewoo Shipbuilding, which posted an operating loss of 3.03 trillion won in the second quarter, down from an operating income of 103 billion won a year earlier, is set to roll out the biggest restructuring efforts among the three, industry watchers said.

The company is anticipated to offload property assets and shares to secure cash, and reduce the number of executives to cut costs. Daewoo Shipbuilding may also seek to sell its affiliates, they added.

"Although we do not have a liquidity problem for now, we will speed up the sales of assets that are not related to mainstay business," an official from Daewoo Shipbuilding said.

Samsung Heavy, which posted an operating loss of 1.5 trillion won in the April-June period, is also set to join the move.

The company said it will also reduce the number of executives and streamline its organizations for faster decision-making processes. The firm added it will also reduce its wind-power generation projects.

Other measures included banning executives from using business class on overseas trips, and making it mandatory to take buses for domestic travel.

Hyundai Heavy, whose second-quarter operating loss reached 171 billion won, narrowing from an operating loss of 192 billion won a year earlier, is also set to roll out similar efforts, industry watchers added.

Currently, Hyundai Heavy employs 28,291 as of the end of July, followed by Samsung Heavy with 12,788 and Daewoo Shipbuilding with 12,602. When taking subcontractors into consideration, the combined number of workers at the three players hovers around 100,000.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today south korean shipbuilders seek restructuring amid heavy losses Arab Today, arab today south korean shipbuilders seek restructuring amid heavy losses

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Leader Omar Abdel Rahman dies in US prison

GMT 19:00 2017 Sunday ,19 February

Leader Omar Abdel Rahman dies in US prison
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Actress Nadeen Al Rassi views art as her entity

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:05 2017 Friday ,17 February

Singer Diana Karzon will issue a new album soon

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday