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Hyundai sails back to quarterly profit

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Seoul: The world’s biggest shipbuilder Hyundai Heavy Industries swung back to the black in the first quarter as cost-cutting efforts and a shift to high-end vessels paid off in the face of an industry-wide crisis, the South Korean firm said on Thursday.


The global shipbuilding sector has been hammered by oversupply, wreaking havoc among both old and new suppliers.


But Hyundai Heavy made a net profit of 462.2 billion won ($409 million) in the January-March period, it said.


It announced its first annual profits for three years in February, but lost 314.5 billion won in the fourth quarter of 2016.


— AFP


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