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 February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Holland America Line Heads NOAA's List of Weather Observations

Holland America Line topped the list in 2014 for the World’s Leading Weather Observing Cruise Ship Companies who submitted weather information to the National

Cook Islands to Issue Wreck Removal Certificates

The Cook Islands has acceded to the Nairobi International Convention on the Removal of Wrecks, 2007 (“The Nairobi Convention”). As a State Party, Cook Islands

Richmond Ferry Service to Become a Reality

At its meeting of March 5, the Board of Directors of the Water Emergency Transportation Authority (WETA) approved a Cooperative Agreement with the Contra Costa

Marine Electronics

Rushton Gregory Inks Gemeco Marketing Deal

Rushton Gregory Communications announced today the latest addition to its industry-leading client roster, Gemeco Marine. Based in Lake City, South Carolina,

INTERSCHALT Expands Africa, Asia Service Networks

INTERSCHALT maritime systems AG, the provider of maritime software, services and supplier of Voyage Data Recorders (VDR 4G[e] and s-VDR) has expanded its network

G&D Launches US Subsidiary

German KVM company Guntermann & Drunck GmbH (G&D) announced it will distribute its equipment from new U.S. subsidiary G&D North America Inc. in Miami, Fla.      With

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Salvage Ship Electronics Ship Simulators 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: 0.2614 sec (4 req/sec)