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(LEAD) Hyundai Heavy to cancel 129 bln won worth of shares

All News 17:12 February 06, 2020

(ATTN: CHANGES slug, headline, lead; UPDATES throughout)

SEOUL, Feb. 6 (Yonhap) -- Hyundai Heavy Industries Holdings Co., the holding company of South Korea's top shipbuilding conglomerate, said Thursday it has decided to cancel 129 billion won (US$109 million) worth of shares in the first such move to improve shareholder value.

Hyundai Heavy said it will buy back 488,000 stocks, or 3 percent of its floated shares, between Friday and May 6 for the cancellation immediately afterward.

For the whole of 2019, Hyundai Heavy reported a net profit of 115.3 billion won, down 59.4 percent from a year earlier, on a consolidated basis due to its affiliates' one-off costs and currency losses.

Operating profit for the year was 666.6 billion won, down 22.6 percent on-year, the company said in a regulatory filing. Annual revenue fell 2.3 percent to 26.63 trillion won.

Meanwhile, Hyundai Heavy said it will pay 18,500 won in dividends per share, delivering a total of 270.5 billion won to its shareholders.

(LEAD) Hyundai Heavy to cancel 129 bln won worth of shares - 1


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