“Around the year 2009, Hyundai Corporation will turn into a company with annual net profit of 90 ~ 100 billion won” said Mark Juhn, CEO of Hyundai Corporation.
Still undergoing workout (corporate restructuring program), Hyundai Corporation recorded 23.9 billion net profit won last year.
“From the Yemen LNG project for which we cleared up the difficulties in participation, we are expected to get 30 billion won of the annual dividend for 24 years from 2008 on” said Mark” and “on top of this, when the other dividend from our ongoing Western Kamchatka project and Vietnam project are added, we are going to secure total 60 billion won of annual profit only from the energy resources development” explained CEO Juhn.
Last month, Hyundai agreed to receive 100% project financing completion guarantee from KOGAS in exchange for its 2.88% equity out of 5.9% equity of YLNG.
Mark explained, “ As the company is going through the workout program, we had faced some difficulties in getting the completion guarantee” and “ but now we could find a way to secure investment proportional to the equity.”
The reason he could be so sure of that the net profit would be as much as 4 times from 2009 is that the efforts that he has made to have mid-term or long term profit sources are now starting to show fruitful results. In other words, the project of ‘building 3 core businesses’ which include energy resource development, shipbuilding and trading is taking the root in the ground.
“With a large infrastructure investment in Qingdao Hyundai Shipbuilding, we’ll have a structure generating 10 billion annual profit by increasing the production capacity of twice from 7 to 15 vessels next year” and “ in addition, we’ll achieve 20 billion won of net profit annually from the trading, mainly steel industry” also announced Mark.
Qingdao Hyundai Shipbuilding of which Hyundai Corp has 80% equity has ever received several shipbuilding orders for 28 small/mid-sized tankers (approximately 303 million dollars) from ship-owners such as Evalend and Agean.
He emphasized, “My duty is to rebuild Hyundai Corporation as a promising one to find a new owner at a reasonable price” and “as the company had already slimmed the organization from strict corporate restructuring and secured mid/long-term profitable foundations, no one would not lose the investment money when buying this company, although the creditors are in charge of this matter”
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