Hyundai Heavy Industries, the world‘s largest shipbuilder, said Thursday it posted a record operating loss in the third quarter and second quarterly net loss in as many quarters.

The net loss came to 1.46 trillion won ($1.4 billion) in the July-September period, compared with a net loss of 12.5 billion won a year ago, the shipbuilder said in a regulatory filing.

Sales fell 5.6 percent to 12.4 trillion won in the period. The company logged a 1.93 trillion won operating loss in the third quarter.

Compared with the previous quarter, Hyundai Heavy Industries’ sales fell 3.2 percent in the third quarter, with its operating loss widening 75.3 percent. The shipbuilder saw its net loss expand from 616.6 billion won to 1.46 trillion won in the period. (Yonhap)