HHIG to Post Record Sales

Wednesday, November 21, 2007
HHIG to Post Record Sales Hyundai Heavy Industries Group (HHIG), which consists of Hyundai Heavy Industries, Hyundai Mipo Dockyard and Hyundai Samho Heavy Industries expects to surpass its yearly sales target up 24 percent from a year earlier. As of the end of October, HHIG secured $28.8 billion worth of contracts from shipbuilding to plant businesses _ $16.2 billion by Hyundai Heavy Industries, $5.8 billion by Hyundai Mipo Dockyard and $6.8 billion by Hyundai Samho. Hyundai Heavy Industries’ net profit in the third quarter rose 106 percent from a year ago to 434.7 billion won. Industry analysts say worries over excessive supply, the rapid growth of Chinese shipbuilders and soaring oil prices still remain as risk factors impeding the expansionary plans of South Korean shipbuilders, but strong fundamentals in the industry are fueling a brighter outlook for the world’s largest shipbuilding group. HHIG is moving up the value chain to larger container ships, as larger and complex vessels spawn higher profits and a rise in the group’s stock prices. Shares of Hyundai Heavy Industries have more than tripled this year. Source: Korea Times
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