August 10, 2007
Profits soaring, HHI will add giant building dock
Hyundai Heavy Industries, the world's largest shipbuilder, said Friday it has posted record earnings in the second quarter on robust global demand for ships.
Net profit more than doubled to 417.5 billion won ($449 million) in the period from 192.4 billion won a year earlier, reports Korea Times.
Operating profit surged to 368.8 billion won, up 146 percent from the same period last year, but fell short of market expectations of 433 billion won. Sales jumped 30 percent to 3.8 trillion won.
In the first half of the year, the shipbuilder saw its largest-ever sales, operating profits and net income, at 7.6 trillion won, 771.2 billion won and 788.5 billion won, respectively.
The Korea Times says Hyundai Heavy Industries also plans to almost double its spending on construction this year to add capacity and speed up work on its biggest ever order backlog. It plans to construct its tenth building dock by early 2009. It will be the largest in Korea--capable of building a 1,000,000 dwt vessel.