Korea Shipbuilder's 2013 Profit Falls 86%

According to the Yonhap News Agency Hyundai Heavy Industries Co., the world's largest shipbuilder informed Thursday that its net profit tumbled 86 percent last year from a year ago due to a fall in ship prices.

Net income came to 146.3 billion won (US$136 million) last year compared with 1.03 trillion won a year ago, report Yonhap, citing a HHI regulatory filing.

Hyundai Shipbuilding Division, claims to be the world's number one shipbuilder, leading the global shipbuilding industry with a 15% share of the market. The Hyundai shipyard stretches over four kilometers along the coast of Mipo Bay in Ulsan, Korea. The Shipbuilding Division is capable of building all types of ships to meet various demands from its clients.

Source: Yonhap News/MarineLink