Thursday, February 10, 2011

HHI Posts Strong Performance in 1st Half

HHI Posts Strong Performance in 1st Half

Hyundai Heavy Industries (HHI) announced that its second-quarter net profit more than doubled on its mainstay shipbuilding business sales of construction equipment to China and equity gains from subsidiaries.
The world's biggest shipbuilder Hyundai Heavy earned 910.5 billion won (US$755.4 million) in the three months ending June 30 according to its regulatory filing. The company posted net profit of 393 billion won a year earlier. Sales rose marginally to 5.34 trillion won from 5.33 trillion won.
The company's core shipbuilding business thrived in recent years as booming international trade and China's rapid economic growth spurred demand for new vessels. The global economic slump however stiffled demand though the situation appears to be improving.
HHI received orders for 30 vessels worth $1.64 billion in the first half of 2010 "on the back of the improved shipbuilding market situation compared to the previous year " according to company investor relations materials.
The company benefited in the second quarter as it delivered ships that were ordered two years ago when vessel prices were high. As of the end of May Hyundai Heavy had an order backlog of 226 vessels worth US$25.3 billion.
Hyundai Heavy also benefited from a "faster-than-expected construction equipment sales recovery in China " the company said overall construction equipment revenue more than doubled in the second quarter.
Besides shipbuilding the company also designs and builds offshore facilities such as oil production platforms and pipelines power facilities construction equipment and industrial robots among other products.
Hyundai Heavy said overall new orders totalled almost US$10 billion in the first six months of 2010 nearly tripling from the same period last year and achieving 56% of its new order target for 2010 of $17.7 billion.

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