Thursday, February 10, 2011

Operating Profits of Big 3 Shipbuilder..

Operating Profits of Big 3 Shipbuilders Up in 1st Half '10

Operating Profits of Big 3 Shipbuilder..

Despite continuous declines in sales the big three Korean shipbuilders including Hyundai Heavy Industries (HHI) maintained operating profit growth in the fist half of this year.
According to the business community sales of the big three shipbuilders in the first half fell affected by a reduction in newbuilding volume and unfavorable foreign exchange rates etc. However operating profits rose owing to increases in high value-added ships and decreases in raw materials prices.
HHI's sales in the first half fell 1.7% year-on-year to about 10.64 trillion won. Daewoo Shipbuilding & Marine Engineering (DSME) also recorded sales of about 5.54 trillion won in the first half down 10.2% year-on-year.
In the same period however Samsung Heavy Industries (SHI) alone realized a year-on-year sales growth of 5.9% to reach about 6.36 trillion won.
Compared with the sales declines all three shipbuilders posted an increase in operating profits in the first half. HHI SHI and DSME recorded about 1.65 trillion won up 63.9% 475.5 billion won up 23.7% and 359.8 billion won up 10.5% year-on-year respectively.
A related business official said "Sales decreased due to an overall decline in building volume but operating profits maintained a growth trend thanks to an increase in the ratios of offshore facilities and high value-added ships. Nevertheless operating profits are feared to decrease with the won-U.S. dollar exchange rates falling below the 1 200 won level often having surged to about 1 280 won."

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