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.

http://www.turkishmaritime.com.tr/