This image provided by HD Korea Shipbuilding & Offshore Engineering Co. shows its nuclear-powered container ship. (Yonhap)
SEOUL, April 24 (Korea Bizwire) — HD Korea Shipbuilding & Offshore Engineering Co. (HD KSOE) said Thursday its net income more than tripled in the first quarter from a year earlier on increased sales and strong demand for high-value vessels.
The consolidated net profit of South Korea’s top shipyard came to 611.6 billion won (US$427.8 million) in the January-March period, compared with 193.3 billion won a year ago, the company said in a regulatory filing.
Its operating income shot up 436.3 percent on-year to 859.2 billion won and sales increased 22.8 percent to 6.77 trillion won.
HD KSOE attributed its robust earnings to rising demand for premium ships and increased productivity.
The top line of its main shipbuilding sector jumped 22.6 percent on-year to some 5.8 trillion won in sales in the three-month period, with its operating profit tripling to 781.4 billion won.
Sales of its offshore plant division spiked about 43.8 percent on-year to 161.3 billion won, with operating profit reaching 6.6 trillion won.
The engine-machinery segment posted 667.2 billion won in sales, up 48.7 percent on-year, and 154.3 billion won in operating profit, up 103.3 percent.
HD KSOE, a subholding company of shipbuilding, oil refining and machinery conglomerate HD Hyundai, has three domestic units under its wing — HD Hyundai Heavy Industries Co., Hyundai Mipo Dockyard Co. and Hyundai Samho Heavy Industries Co.
(Yonhap)
