hyundai heavy＇s july sales rise 36％ on ship prices

hyundai heavy industries co., the world＇s largest shipbuilder, said sales last month rose 36 percent as it built more oil tankers ａnd container vessels contracted at higher prices. sales climbed to 1.7 trillion won ($1.6 billion) in july ｆrom 1.25 trillion won a year earlier, the ulsan, south korea﹣ based company said in a regulatory filing yesterday. new orders ｄropped 55 percent to $1.85 billion on slowing demａnd for ships ａnd offshore platforms, it said. vessel prices are set to climb to a record for the fifth straight year as shipbuilders pass on higher costs to customers. yards in south korea, the world＇s largest shipbuilding nation, are expａnding capacity as order backlogs stretch into 2012.
sales climbed 22 percent to 10.8 trillion won in the first seven months of the year, hyundai heavy said. new orders in the period increased 33 percent to $21.6 billion. of the total, vessel contracts climbed 26 percent to $12.9 billion, while offshore oil rig ａnd platform orders tripled to $1.82 billion.
the company delivered 56 vessels worth $5.97 billion built to transport oil, consumer goods, liquefied natural gas ａnd other products in the first seven months, compared with 54 vessels worth $4.09 billion a year earlier. hyundai heavy had an order backlog for vessels worth $37.8 billion at the end of july.
hyundai heavy shares ｄropped 2.9 percent to close at 237,000 won in seoul trading before the announcement. the stock has fallen 46 percent this year, compared with a 21 percent decline in south korea＇s kospi index.