South Korean Top Shipbuilders Post Good Q3 Results

18 November 2009 (Last Updated November 18th, 2009 18:30)

South Korea's top four shipbuilders have posted good business results in the third quarter of 2009, according to reports. Hyundai Heavy Industries' operating profit has reached over 54% year-on-year to KRW531.7bn ($460m), while Samsung's operating profit touched KRW266.4bn. ST

South Korea’s top four shipbuilders have posted good business results in the third quarter of 2009, according to reports.

Hyundai Heavy Industries’ operating profit has reached over 54% year-on-year to KRW531.7bn ($460m), while Samsung’s operating profit touched KRW266.4bn.

STX Offshore & Shipbuilding’s Q3 revenue rose by 52% to KRW1.1532tn compared to the same period in 2008 and its operating profit stood at KRW51.4bn.

Daewoo posted its operating profit of KRW158.7bn, which is up 48% year-on-year.

The country’s shipbuilders, however, lost their top position to China in terms of both new orders and order backlog.

Global top 22 shipowners, other than South Korean firms, have about 434 ships on order at South Korean shipyards, 246 of which are scheduled to be delivered in 2009 and 2010.