South Korea's leading shipbuilder Hyundai Heavy Industries (HHI) aims to achieve 7.98 trillion won ($7.5 billion) in sales this year as its president warned of an unprecedented crisis due to declining order backlogs, reports Yonhap.
The report quoted President and CEO Kang Hwan-goo saying: "This year, we could face a grave situation that we have never gone through before." He warned that Hyundai Heavy could face difficulties due to dwindling order backlogs and building work for offshore plants will "completely run out in a few months."
Hyundai Heavy has not won any offshore plant orders for the past two years. The company's 2018 sales target represents a 60 percent decline from a decade ago.
The shipyard said it is expected to post an estimated 10.03 trillion won in sales for 2017. The sales target is based on a parent base.