Hyundai Heavy’s Q2 Profit Doubles

25 July 2010 (Last Updated July 25th, 2010 18:30)

Hyundai Heavy Industries has posted a second-quarter profit of KRW910.5bn ($754m) compared with KRW393bn ($325m) posted last year. The company said its new orders stood at $9.99bn for the first six months, up from $3.35bn a year earlier due to demand for marine products and services.

Hyundai Heavy Industries has posted a second-quarter profit of KRW910.5bn ($754m) compared with KRW393bn ($325m) posted last year.

The company said its new orders stood at $9.99bn for the first six months, up from $3.35bn a year earlier due to demand for marine products and services.

The first-half order value accounts for 56% of the company’s target of $17.73bn this year.

The company’s operating profit for the quarter rose 44% to KRW770.7bn ($643m) from KRW534.7bn ($446m) a year earlier.

The firm attributed the growth to high prices for container ships and very large crude oil carriers and increased exports of construction equipment to China.