south korean shipbuilders seek restructuring amid heavy losses
Last Updated : GMT 13:00:00
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.

arabstoday
arabstoday

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*

south korean shipbuilders seek restructuring amid heavy losses south korean shipbuilders seek restructuring amid heavy losses

 



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*

south korean shipbuilders seek restructuring amid heavy losses south korean shipbuilders seek restructuring amid heavy losses

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Prince's vision spurs new Cornwall village

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Presenter Sherine Ramahi proud of her career

GMT 06:46 2017 Sunday ,19 November

Presenter Sherine Ramahi proud of her career
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Hanan Metawe denies apology for “Major Treason”

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 06:13 2017 Friday ,17 November

Pope denounces healthcare inequality

GMT 05:18 2017 Thursday ,16 November

Boeing announces $27bn from flydubai

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
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