HHI sets revenue target in 'grave situation'

Hyundai Heavy Industries has set its revenue target for 2018 against a background of an unprecedented decline in its backlog.

The Korean shipbuilder wants to book KRW 7.98 trillion ($7.5bn) in sales this year, down 60% from a decade ago. This also compares to an expected revenue of KRW 10.03 trillion for 2017.

But CEO Kang Hwan-goo said: "This year, we could face a grave situation that we have never gone through before."