Hyundai Rotem rolled out plans to expand its railway system maintenance business, among other efforts, in a bid to revive struggling profits this year.
This development comes after Hyundai Rotem recorded its worst annual performance to date in 2015 which is a net loss of 303.5 billion won (USD252.5 million) and operating deficit of 192.9 billion won (USD 158.6 million) since its acquisition by Hyundai.
In an effort to improve its market rating, Hyundai Rotem set forth key agendas for each of the company’s three business segments: railway systems, plant and machinery manufacturing and defense systems.
So far, the company has secured maintenance projects worth some 300 billion won (USD 250 million) around the world, including repairing and maintaining railway systems in Ukraine, Turkey, Egypt and Hong Kong.
Rotem also aims to bring in more profits by supplying high-speed trains to a series of new commercial railway line projects that will open in Korea from 2020 to 2021. It plans to eventually export advanced train technology.
Photo: Hyundai Rotem car repair workshop in Ukraine
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