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Marine Log

November 3, 2006

HHI profits rise

Hyundai Heavy Industries Co., the world’s largest shipbuilder, announced better-than-expected business results in the third quarter. It said third-quarter profit rose 21 percent on rising prices for oil tankers, cargo ships and liquefied natural gas carriers.

Net income rose to 201.9 billion won ($210 million) from 167.2 billion won a year earlier, the company said in a regulatory filing Wednesday. Sales increased 22 percent to 3.14 trillion won.

Operating profit rose nearly fourfold to 226.7 billion won from 59.3 billion won a year earlier.

Sales are slightly below the market expectations, but operating profit is 24.8 percent higher than predictions.

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