Hyundai Heavy 3Q Profit Soars

Hyundai Heavy Industries (HHI) recorded third quarter profit of \798.8 billion, up 50% over the same period last year. The higher than expected profit was driven by sales reflection of high priced ships ordered in 2007 and 2008 and other non-shipbuilding sectors profit increase due to the lucrative offshore and plant projects.

HHI's sales rose 7% to \5,333.7 billion due to the non-shipbuilding sector's sales increase helped by large scale projects from offshore and industrial plant divisions and construction equipment sales in China. Meanwhile HHI received $13.975 billion worth of new orders ($4.03 billion from shipbuilding) by the end of September this year, an 87% increase from last year. This also makes up 78.8% of its total new order goal of $17.725 billion for this year.