Hyundai Heavy 3Q Profit Soars
Hyundai Heavy Industries(HHI) recorded third quarter profit of 798.8 billion, up 50% over the same period last year. The higher than expected profit was driven by sales reflection of high priced ships ordered in 2007 and 2008 and other non-shipbuilding sectors profit increase due to the lucrative offhshore and plant projects.
HHI's sales rose 7% to 5333.7 billion than last year due to the non-shipbuilding sector's sales increase helped by large scale projects from offshore and industrial plant divisions and construction equipment sales in China.
Meanwhile HHI received $13.975 billion worth of new orders($4.03 billion from shipbuilding) by the end of September this year, and 87% increase from last year. This also makes up 78.8% of the total new order goal of $17.725 billion for this year.
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Hyundai Heavy Industries Co., Ltd. (HHI) is the world's largest shipbuilding company, headquartered in Ulsan, South Korea. It has seven business divisions: Shipbuilding, Offshore & Engineering, Industrial Plant & Engineering, Engine & Machinery, Electro & Electric Systems, Construction Equipment, and Green Energy.
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