Hyundai Heavy Reports Q2 Profit Jump
Hyundai Heavy Industries Co Ltd., reported a 57 percent jump in quarterly net profit on ship orders and growth in non-shipbuilding units, Reuters said
Profits from affiliates and higher interest income added to second quarter net profit, the company said.
Hyundai and other South Korean shipbuilders are poised to maintain strong earnings momentum as they are enjoying pricey order backlogs for crude and bulk carriers as the energy industry booms, although they could be impacted by higher ship plate and other raw material prices.
Despite the global economic slowdown, shipyards in the country should be supported by better-than-expected order volume in the second half of the year, analysts said.