Seoul-listed HHI posted a reversal of KRW 616.6bn ($601m) in the three months to the end of June, down from a KRW 66.8bn profit last time around. 

HHI says the deficit follows a KRW 500bn writedown on large-scale projects. It was also hit by unfavourable currency movements.

Revenue at the world’s largest shipbuilder slipped just over 2% to KRW 12.81 trillion.  

A series of cost cuts are now planned across divisions, according to the Yonhap News Agency.

According