Hyundai Mipo Dockyard Q3 earnings soar 130 percent

Hyundai Mipo Dockyard Co., the world's fourth-largest shipyard, said Nov. 9 that its third-quarter earnings surged 130 percent from the same period last year thanks to increased ship prices.

Net profit amounted to 48.5 billion won (US$51.7 million) in the three months to Sept. 30, compared with 21.1 billion won a year ago, the company said in a regulatory filing.

Sales jumped 26.6 percent to 611.6 billion won, and operating profit spiked 140.9 percent to 58.4 billion won, the company said.

Shares of Hyundai Mipo Dockyard rose 0.4 percent to 125,000 won as of 2:26 p.m. on the Seoul bourse.