The heavy industry giant and the world’s number one shipbuilder, South Korea’s Hyundai Heavy Industries (HHI), recently announced its financial results for the third quarter of 2010, stating that its higher-than-expected profit was due to the high-priced sales of ship orders in 2007 and 2008 and other non-shipbuilding companies. The industry’s profit growth due to profitable overseas and factory projects.
In the third quarter of 2010, net income climbed from 533.8 billion won (US$481 million) last year to 798.8 billion won (US$721 million), an increase of 50% year-on-year. Sales revenue for the quarter was 5.33 trillion won (4.81 billion won). A year-on-year increase of 7%.
In the first nine months of this year, HHI received a total of US$13.98 billion in new orders, an increase of 87% year-on-year, accounting for 78.8% of this year’s target of US$17.725 billion in new orders.
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