25 Jul 2009

Quarterly net profit down 40% for shipbuilder

2:01 pm on 25 July 2009

The world's largest shipbuilder, Hyundai Heavy Industries Co, said on Friday that net proft for the second-quarter was down by 40%.

Hyundai Heavy said it earned 393 billion won ($A387.38 million) in the three months ended June 30, down from net profit of 655.20 billion won a year earlier.

Sales during the quarter rose 13 per cent to 5.33 trillion won from 4.71 trillion won the year before.

The company has not received a commercial ship order since the third quarter of last year.

However, Hyundai said on Thursday that it has signed a contract to build five patrol vessels worth 149.9 billion won for delivery to the Korean Coast Guard by 2012.