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Hyundai net profit fell 33%

Hyundai net profit fell 33%
Hyundai Heavy Industries Co. (KSE:009540), the world's largest shipbuilder, said Thursday that its third-quarter net profit fell 33 per cent on-year due to increased steel costs.

Sales rose 30 per cent on-year to 4.84 trillion won during the cited period

Hyundai Heavy Industries Co. (KSE:009540), the world's largest shipbuilder, said Thursday that its third-quarter net profit fell 33 per cent on-year due to increased steel costs.

Net profit stood at 291.8 billion won (US$224.8 million) in the July-September period, compared with 434.7 billion won a year ago, Hyundai Heavy Industries said in a regulatory filing.

Sales rose 30 per cent on-year to 4.84 trillion won during the cited period thanks to increased orders and a weaker won, but operating profit fell 18.6 per cent to 344 billion won.

Despite the weak performance, shares of Hyundai Heavy Industries rose by the daily limit of 15 per cent to end at 157,500 won on the Seoul bourse.

The company said that its operating profit will improve in the fourth quarter as prices of steel plates are trending lower. Its profit margin will also improve thanks to growing orders of offshore plants, it added.

www.TurkishMaritime.Com.tr

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