Korea's Hyundai Heavy Industries -- the world's largest shipbuilder -- said it expects this year's net profit to tumble as it had to write off losses stemming from its sister firms. "We expect this year's net profit to drop to about $134.5 million (150 billion won) from 323 billion won in 1999," President and CEO Cho Choong-hooy said. "We have to clean up losses in Hyundai Space and Aircraft and Aluminium of Korea this year. But our sales will be steady along with strong shipbuilding demand and operating profits will be similar to last year's 670 billion won," he added. Hyundai Heavy had a 42.5 percent stake at Hyundai Space, which was liquidated earlier this year, and a 14.9 percent stake at Aluminium of Korea, which was sold in May to Alcan Aluminium.