South Korea's Hyundai Heavy Industries, the world's biggest shipbuilding firm, reported Thursday a record operating loss in 2014, due to slow demand from European clients and competition from Chinese rivals.
The company posted an operating loss of 3.25 trillion won ($2.9 billion) for the year, compared with a profit of 802 billion won in 2013.
It suffered a net loss of 2.2 trillion won in 2014, compared to a profit of 146 billion won the year before.
South Korean shipbuilders have been hit by the global economic slowdown and growing competition from Chinese rivals in recent years, forcing them to offer deep discounts to secure orders.
Hyundai Heavy's fourth-quarter net loss was lowered to 37.9 billion won from 228 billion won a year earlier.