Hyundai Mipo saw 20% increase in sales last year

The Hyundai Mipo Dockyard Co., Ltd. revealed on Feb. 19 that it posted a 20 percent increase to 750 billion won in sales last year from 623.3 billion won a year earlier. However, sales profit was estimated to decrease by 44 percent to 33 billion won while net income fell to 14 billion won, dropping by 68 percent, said a company official.

He went on to say that the company earned 37 billion won in net income by selling Dacom stocks in 1999, however, last year it failed to post more net income because of losses from selling Aluminum industry stocks.

He continued to explain that sales profit decreases resulted from investment on the beginning stage turned into building business from repair since three years ago as well as the upward production cost.

He also said that this year Hyundai Mipo is set to record as much as 1.1 trillion won in sales and to generate as much as 60 billion won in net income. And with orders received already, it might easily achieve its sales goal.

Hyundai Mipo Dockyard builds mainly medium or small special carriers such as drilling rigs, special chemical vessels, and holds a 25 percent share of other business like ship repairs.