Monday, September 3, 2012

[Ship Building] Hanjin to return to black

[Ship Building] Hanjin to return to black

Hanjin Heavy Industries & Construction of Korea saw the red in the second quarter of this year, but it will instantly return to the black from the third quarter.

Analyst Lee Kang-Rok, KTB Investment & Securities said, "Increase in Man-Hour by building new series vessels caused low profits at Subic yard and posting deficits in Q2."

During April-June period, Hanjin marked KRW 637.7bn ($562m) of turnover, KRW 10.9bn of operating deficit and KRW 48.3bn of net loss, on consolidated basis.

Lee predicted, "From Q3, Hanjin will be able to turnaround to make operating profit by improving productivity."

He said, "Hanjin's Youngdo and Subic yards, in total, now secure 52 orders, covering around 18 months of work schedules," and added, "As its relations between management and labor stabilize and Subic's profitability gets improved, the yard will see sharply growing share prices, when the yard see more new orders."

Meanwhile, according to Hanjin's semi-annual report on August 29, "With an aim to diversify product portfolio, which will give more flexibility in selective order and changing market, the company is actively looking into LNG and Offshore markets."

"And the company plans to promote HHIC-Phil as Hanjin's advance base."



Published : August 31, 2012

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