Hyundai Engineering & Construction saw its first deficit in 23 years after suffering its worst earning shock last year due to Hyundai Engineering’s massive losses in overseas projects. 

The company revealed the tentative assessment Wednesday, saying it recorded an operating loss of some one-point-two trillion won in 2024 while having posted an operating profit of roughly 785 billion won in 2023. 

That’s around 836 million U.S. dollars and 547 million U.S. dollars, respectively.

The last time the company suffered a deficit was in 2001, when the operating loss was estimated at nearly 383 million won.

The company blamed the deficit on the high exchange rate and higher raw material prices, in addition to losses incurred in Hyundai Engineering’s overseas projects.

These included the Indonesian Balikpapan Refinery Development Project and a project to build a gas processing plant in the Jafurah gas field in Saudi Arabia.