Hyundai Heavy Profits Soar

29 October 2009 (Last Updated October 29th, 2009 18:30)

The world’s biggest shipbuilder, Hyundai Heavy Industries, said its third-quarter net profit rose 83% on stronger performance in non-shipbuilding businesses and lower raw materials costs. The South Korean shipbuilder posted a Q3 net profit of KRW291.8bn in 2008. The company

The world’s biggest shipbuilder, Hyundai Heavy Industries, said its third-quarter net profit rose 83% on stronger performance in non-shipbuilding businesses and lower raw materials costs.

The South Korean shipbuilder posted a Q3 net profit of KRW291.8bn in 2008.

The company said it earned KRW533.9bn ($448m) in the three months ending 30 September. Quarterly sales also rose 3% to KRW4.99tn from KRW4.84tn in 2008.

However, third quarter sales in the mainstay shipbuilding business declined by 1.5%, compared to the same period in 2008.

Revenues in the industrial plant and engineering division surged 77%, the company said.

Hyundai’s net profit fell 40% in Q2 amid foreign exchange-related losses and weak earnings at subsidiaries.