KSOE, HHI swing to net profit with triple digit jump in Q3 OP

[Photo by Hyundai Heavy Industries Group]

Korea Shipbuilding & Offshore Engineering (KSOE) Thursday enjoying heyday in order book reported more than tripled income from third-quarter operation versus a year ago period on shipments of lucrative LPG carriers and shipping recovery.

The holding company of the world’s largest shipyards reported its third quarter operating profit reached 141.7 billion won ($120.9 million), a 248.2 percent jump from a year ago.

The intermediate holding company for Hyundai Heavy Industries (HHI) Group’s shipbuilding operations also swung into a net profit of 192.6 billion won in the July-September period over sales of 3.55 trillion won, up by 2.8 percent.

HHI’s consolidated third quarter operating profit was 301.8 billion won, up by 198.5 percent from a year ago. Sales surged 59 percent on year to 7.27 trillion won and net profit up 28.6 percent to 44.5 billion won.

Hyundai Samho Heavy Industries, another shipbuilder and a subsidiary of KSOE, said its third quarter operating profit soared by 248.6 percent from a year ago, reaching 38.7 billion won. Sales were up 11.7 percent on year to 996.7 billion won with a net profit of 47.6 billion won.

The cumulative operating profit of HHI for January-September totaled 1.02 trillion won and is expected to reach an annual high as its fat order book is expected fuel earnings for some time.

KSOE and the shipbuilders under its arm netted $19.4 billion worth orders so far, far exceeding its annual target of $14.9 billion.

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