STX Shipbuilding Reports Q2 Results

South Korea's STX Shipbuilding Co. said that its second-quarter earnings increased sharply on rising orders to build ships such as oil tankers and container ships and gains from equity ties with its affiliates. Its net profit reached $62m in the April-June period. The shipbuilder also said its profit was boosted by gains from equity ties with its affiliates such as STX Pan Ocean Co. STX shipbuilding has clinched orders worth $7.2 billion so far this year. The shipyard has raised its sales target for this year to $10 billion from $5.5 billion earlier, helped by increased orders for high-priced ships. Last year, it won orders worth $4 billion. Source: Yonhap