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Hyundai Heavy 3Q Operating Profit Plunges 35% on Slump in Orders

Hyundai Heavy Industries Co. (009540.SE), the world's largest shipbuilder by sales, on Thursday posted a 35% on-year slump in third-quarter operating profit as a sharp fall in orders in the wake of the financial crisis put a dent on profits.
The company has received only $13.1 billion worth of orders in the January-September period due to the global economic slowdown, down 40% from a year earlier. It had targeted $30.552 billion in orders this year.
Consolidated operating profit for the three months ended Sept. 30 plunged to 593.9 billion won ($538 million) from KRW915.4 billion, the company said in a statement. Sales were up 0.8% on year to KRW13.199 trillion from KRW13.094 trillion.
Third-quarter net profit rose 30% to KRW729.5 billion from KRW562.6 billion, the company said.
"One-off gains from the sale of a stake in Hyundai Motor pushed up the net result," it said.
Source: Dow Jones