Hyundai Heavy Reports Q3 Results

Friday, November 11, 2005
According to Reuters, Hyundai Heavy Industries Co. reported a net profit in the third quarter because of more profitable orders and one-off gains from an accounting change. Earnings at South Korean shipbuilders, which dominate the global market, are set to improve due to falling steel plate prices and a more stable South Korean won. But analysts are concerned vessel prices could weaken in the coming quarters due to sluggish global trading volumes and as Chinese shipyards boost capacity to deepen competition. Hyundai posted a net profit of 167.2 billion won ($159.8 million) in the third quarter to Sept. 30, compared with a 33.1 billion won net loss a year earlier and following a 35.5 billion won profit in the previous quarter. Third-quarter sales rose to 2.57 trillion won from 2.26 trillion won a year earlier and 2.55 trillion won in the April-June quarter. Hyundai earned 127.6 billion won in special income in October after a court order to adjust retirement payment-linked provisions, the company said. It posted an operating profit of 59.3 billion won in the July-September period against a 90.3 billion won operating loss a year ago. Hyundai and other local shipbuilders, including Daewoo Shipbuilding and Marine Engineering Co., have been helped by winning lucrative new orders since 2004, after suffering poor earnings in the first half mainly because of low-priced orders from 2003. Hyundai, which has an order backlog to keep it busy for the next three years, received orders worth $13.23 billion between January and September, up 23 percent from the same period last year. Of the total, shipbuilding orders accounted for $7.97 billion, up 13 percent from a year earlier. Steel prices have stablised after a surge last year while the won's strength, which has cut the value of foreign ship orders, is easing. Shares in Hyundai jumped 49 percent in the third quarter lifted by the improving outlook, outperforming a 21 percent rise in the benchmark KOSPI index
Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Zamakona Yards Delivers Tuna Freezer Vessel

Zamakona Yards yesterday celebrated in Getxo (Bizkaia) the delivery of the tuna freezer vessel LJUBICA, their latest construction to the owner group Jadran based in Ecuador and Panamá.

Pentair Reports 3Q 2014 Sales of $1.8 bi

Pentair plc today announced third quarter 2014 sales of $1.8 billion. Sales were up 3 percent compared to sales for the same period last year. Third quarter 2014

FortisBC Starts Expansion of Tilbury LNG Facility

FortisBC – a subsidiary of Fortis Inc. has officially started construction of its $400 million Tilbury LNG Facility expansion project today. The company is adding 1.

Marine Electronics

GOST Security System thwarts Break-in

GOST® (Global Ocean Security Technologies), a world leader in vessel security, tracking, monitoring and video surveillance systems, announced today that its

NMEA Awards Top Electronic Makers

Marine electronics experts named 11 products in nine categories as winners of the 2014 NMEA Product Awards. Once again, Furuno USA was named Manufacturer of the Year--Support.

Maritime Broadband Opens Office in Greece

Maritime Broadband has expanded its worldwide footprint by opening an office, Maritime Broadband Hellas, in Athens, Greece. The new office addresses the growing

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pod Propulsion Salvage Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1754 sec (6 req/sec)