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Biz News Korea(Eng)
Hyundai Heavy Industries Q2 net profit jump 60% on year
- Collected
- 2016.07.28
- Distributed
- 2016.07.29
- Source
- Go Direct
The shipbuilder announced on Wednesday in a regulatory filing that consolidated net income for the second quarter ended June jumped 60.4 percent to 392.3 billion won from the same period last year. Operating profit also surged 71.3 percent on year to 557.2 billion won, tripling market consensus of 186.2 billion won. The company had posted an operating loss of 171.0 billion won in the second quarter last year.
As of 1:10 p.m. Thursday, the company shares gained 7.4 percent to 123,500 won from the previous session thanks to the surprising earnings.
The much-awaited relief came from its oil-making subsidiary Hyundai Oilbank that raked in 320 billion profit, while offshore division also reversed from a loss to a profit of 120 billion won during the second quarter amid the recovery in global oil prices.
The company also improved balance sheet by reserving more shipyard space for lucrative cargo ships.
Sales fell 17.4 percent on year to 9.9 trillion won, falling 17.4 percent on year.
The shipyard also is hopeful of sustaining a profit in the third quarter as it would be reflecting the final payment of 460 billion won after delivering semisubmersible drilling rig Ocean Greatwhite.
By Park Yong-beom
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