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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

DP World to Manage Somaliland Port for 30 Years

DP World has reached an agreement to manage the Berbera port in Somaliland, which would allow it to become a major hub for goods to transit to and from the Horn of Africa,

Abu Dhabi Ports Try to Lure Chinese Businessmen

Abu Dhabi Ports - the master developer, operator and manager of ports and Khalifa Industrial Zone in the Emirate - presented the integrated offerings of Khalifa

NASSCO Lays Keel for Jones Act Tanker Liberty

U.S. shipbuilder General Dynamics NASSCO hosted a keel laying ceremony on Thursday, May 26 for the Liberty, one of three new ECO Class Jones Act tankers under a

Marine Electronics

SRH Marine and Setel Powerline Pact for Greek Market

SRH Marine Electronics SA and SETEL PowerLine Ltd have entered a Reseller and Installation Partner Agreement.    Through this cooperation SRH is able to offer

OOCL Renews VOD Training Contract

Videotel, producer and distributor of training videos, 3D animation, and e-Learning courses to the maritime market and part of KVH Industries, Inc., (Nasdaq: KVHI),

Raytheon Anschütz Selected as INS Provider for Canada’s OFSV

Raytheon Anschütz Selected as INS Provider for Canada’s OFSV   Thales, a major system integrator in Canada, has chosen Raytheon Anschütz as the supplier of the

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Offshore Oil Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | 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: 4.6273 sec (0 req/sec)