Hyundai Rotem Reports Operating Loss of 207.7 Billion KRW Last Year... Deficit Widens

[Asia Economy Reporter Ki-min Lee] Hyundai Rotem announced on the 23rd that its operating loss for last year, based on consolidated financial statements, was 207.7 billion KRW. This represents an increased deficit compared to the 196.2 billion KRW loss recorded the previous year.

Sales rose by 3.5% year-on-year to 2.4959 trillion KRW, while the net loss amounted to 283.5 billion KRW.

The operating loss for the fourth quarter was 74 billion KRW, a decrease in the deficit compared to 212.9 billion KRW in the same period last year. Sales and net loss for the same quarter were 636.6 billion KRW and 116.2 billion KRW, respectively.

The industry views this operating loss as largely influenced by delays and design changes related to the order for Australian-style electric trains.

Meanwhile, Hyundai Rotem declared an emergency management plan on the 15th of this month at its Changwon plant in Gyeongnam, pledging to focus on sound management.