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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Shipbuilder Hyundai Heavy 3Q profit rises 83 pct By KELLY OLSEN,AP Business Writer - Friday, October 30 Send IM Story Print SEOUL, South Korea – Hyundai Heavy Industries, the world's biggest shipbuilder, said third-quarter net profit rose 83 percent amid a stronger performance in non-shipbuilding businesses and lower costs for raw materials. Hyundai Heavy Industries Co. earned 533.9 billion won ($448 million) in the three months ended Sept. 30, the company said in a regulatory filing Thursday. It posted net profit of 291.8 billion won a year earlier. Quarterly sales rose 3 percent to 4.99 trillion won from 4.84 trillion won a year earlier. Sales in its mainstay shipbuilding business declined 1.5 percent from the same period last year, but rose in three others, the company said in a separate statement. Revenues in the industrial plant and engineering division, for example, surged 77 percent, the company said. Hyundai Heavy also benefited from lower steel prices, said company spokeswoman Kim Mi-ri. The return of 81.5 billion won in unused bad debt provisions helped boost the bottom line. The result was an improvement over the second quarter, when net profit tumbled 40 percent amid foreign exchange-related losses and weak earnings at subsidiaries. The Ulsan, South Korea-based company thrived in recent years as booming international trade and China's rapid economic development spurred demand for vessels. The global economic slump, however, has hit new ship demand. Hyundai Heavy received no commercial ship orders beginning from the fourth quarter of 2008 before getting one in the third quarter of this year. Hyundai Heavy, which usually releases breakdowns of its ship order backlog, did not divulge the information for the second and third quarters. Hyundai Heavy said in April it had an order backlog of 315 vessels valued at $35.7 billion as of March 31. For the first nine months of 2009, the company said it received $403 million in accumulated ship orders, down from sharply from $13.69 billion the year before. Hyundai Heavy, established in 1972, rose to become the world's largest shipbuilder after just 13 years. South Korean companies dominate the industry. Besides shipbuilding, Hyundai Heavy also designs and builds offshore facilities such as oil production platforms and pipelines. It also manufactures power facilities, construction equipment and industrial robots, among other products. Shares in Hyundai Heavy, which released earnings results after the stock market closed, fell 3.5 percent to finish at 164,000 won. The shares have declined 18 percent this year. Recommend Send IM Story Print Related Articles VW counts on China for 2009 profit AFP - Friday, October 30 Dollar falls vs euro after U.S. Q3 GDP Reuters - Friday, October 30 WRAPUP 1-France Telecom wary on costs, Telenor shines Reuters - Friday, October 30 RPT-UPDATE 3-Vedanta unit Sesa Goa under fraud investigation Reuters - Friday, October 30 Indian rupee halts 3-day slide on export dlr sales Reuters - Friday, October 30 News Search Top Stories US exits recession, strongest growth in two years Scientists 'back bluefin tuna trade ban' Recovery hopes as Germany posts jobless fall Deutsche Bank reveals crisis-beating results Fibre may keep asthma, diabetes at bay, study finds More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended NASA rocket launch advances Moon mission dream Fibre may keep asthma, diabetes at bay, study finds Deutsche Bank strikes billion-euro takeover deal Ailing CIT gets $4.5 bln loan, rejects Icahn offer Darkest day for UN as Taliban kill 9 at Kabul hostel More Most Viewed » Boyzone singer Gately dies in Spain Mobile phone giant Nokia sues Apple over patents Huge dinosaur find in China 'may include new species' More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2009 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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