Hyundai Heavy Q3 net edges up

Hyundai Heavy Industries Co., a major South Korean shipyard, said Tuesday that its third-quarter earnings increased 2.1 percent from a year earlier on cost-cutting efforts and the delivery of high-priced ships.

Net profit reached 197 billion won (US$176 million) in the July-September period, compared with a profit of 193 billion won a year earlier, the company said in a regulatory filing.

Operating income tumbled 21 percent on-year to reach 93.5 billion won, while sales dipped 27.3 percent to 3.8 trillion won over the cited period.

For the year, the shipbuilding company aims to win orders worth $4.3 billion.

In June, Hyundai Heavy spun off its noncore businesses, aimed at what it claims will boost each business unit’s competitiveness. Under the plan, the shipyard split into four independent entities: shipbuilding, electronics, construction equipment and robotics.

Hyundai Robotics Co., the shipbuilding conglomerate’s holding company, logged an operating income of 552 billion won on sales 4.41 trillion won in the third quarter.

Hyundai Heavy’s other affiliates, including Hyundai Construction Equipment Co., fared relatively well during the third quarter, the shipyard said.
Source: Yonhap