HHI Q3 Profit Down 38.3%
South Korea’s Hyundai Heavy Industries Group said that its its consolidated operating income shrink 38.3% to 219.6 billion won ($187.7 million) in the July-September quarter against a year-ago period.
Its net profit plunged 72% on year amid weak demand for ships and oil rigs.
The business ranging from shipbuilding to oil refining took a hit from a slowdown in global economy, HHI said.
The group, however, managed to show improvement in the bottom-line against the previous quarter. Its operating profit grew 8.8 percent against the second quarter despite a 4.3 percent fall in sales.
In June, HHI was split into two entities — KSOE and a reorganized Hyundai Heavy Industries — under an agreement with the Korea Development Bank regarding the acquisition of Daewoo Shipbuilding & Marine Engineering Co. Following the deal, Hyundai Heavy Industries stocks were renamed KSOE.