InfoAnda - Hyundai Heavy Q2 net profit tumbles 40 percent

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Hyundai Heavy Q2 net profit tumbles 40 percent By KELLY OLSEN,AP Business Writer AP - Saturday, July 25 SEOUL, South Korea - Hyundai Heavy Industries Co., the world's largest shipbuilder, said Friday that second-quarter net profit tumbled 40 percent amid foreign exchange-related losses and weak earnings at subsidiaries. ADVERTISEMENT Hyundai Heavy said in a regulatory filing it earned 393 billion won ($315 million) in the three months ended June 30, down from net profit of 655.20 billion won a year earlier. Sales during the quarter rose 13 percent to 5.33 trillion won from 4.71 trillion won the year before. The Ulsan, South Korea-based company, which thrived in recent years as booming international trade and China's rapid economic development spurred demand for vessels, has not received a commercial ship order since the third quarter of last year. The company, which usually releases breakdowns on its ship order backlog, did not divulge the information for the three months ended June 30. Hyundai Heavy said in April it had an order backlog of 315 ships valued at $35.7 billion as of March 31. The company announced Thursday, however, that it signed a contract to build five mid- and large-sized patrol vessels worth 149.9 billion won with Korea Marine Fund Corp. The ships are to be delivered to the Korean Coast Guard by 2012, Hyundai said in a release. In a statement Friday, Hyundai Heavy said that foreign exchange translation and derivatives losses as well as earnings weakness at subsidiaries refiner Hyundai Oilbank Co., logistics company Hyundai Merchant Marine Co. and shipbuilder Hyundai Samho Heavy Industries Co. hurt the bottom line. Hyundai Heavy, established in 1972, rose to become the world's largest shipbuilder after just 13 years. South Korean companies dominate the industry. The company's shipbuilding and engine and machinery divisions account for the majority of its business. 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 the company, which released earnings results after the stock market closed, rose 4.3 percent to finish at 218,500 won. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Business IMF approves 2.6 bln dlr loan for Sri LankaAFP - Saturday, July 25 U.S. regulators close seven small banksReuters - Saturday, July 25 Guaranty Financial, No.2 Texas bank, says may failReuters - Saturday, July 25 AMD spinoff starts building $4.2 bln NY plantReuters - Saturday, July 25 Nasdaq ends 12-day run of gains; Dow, S&P 500 riseReuters - Saturday, July 25 Most Popular – Business Viewed Swine flu virus has spread to almost every country: WHO Police raid Jackson doctor for manslaughter link Lost love letter reunites couple after 16 years Massive quake moves NZealand closer to Australia Swine flu has spread to almost every country: WHO View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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