Hyundai Heavy Industries Q1 2012 Report

HHI reports dip in first quarter 2012 newbuildings

Hyundai Heavy Industries (HHI), the world's largest shipbuilder, has its net profit slashed by more than half in the first quarter as newbuilding orders dipped, according to a recent Sea Trade Asia report.

First quarter net profit at HHI plunged 62.6% to KRW523.1bn ($459.16m) compared to KRW1.4trn in the same period of 2011.

Revenue at the South Korean firm rose slightly to KRW13.9trn from KRW12.7trn a year ago. HHI expects demand from the offshore sector for drillships and oil rigs to lift its earnings up by around one-fifth during the current financial year.