April 25, 2024

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[THE INVESTOR] Korea’s major shipyards, led by Hyundai Heavy Industries, delivered weak earnings for the third quarter of the year, industry sources said on Nov. 9.

HHI, the leading shipyard here, posted an operating income of 93.5 billion won (US$83.90 million) during the July-September period, compared with the previous year’s operating profit of 322 billion won. Its sales dipped 27.3 percent to 3.8 trillion won over the cited period.

Samsung Heavy Industries racked up an operating income of 23.6 billion won for the third quarter, down sharply from the 84 billion won tallied a year earlier. Net profit reached 23.4 billion won in the July-September period, compared with a profit of 129 billion won a year earlier.

Its sales also dropped 37 percent on-year to 1.75 trillion won over the cited period.

Troubled Daewoo Shipbuilding & Marine Engineering chalked up a profit for the third straight quarter in the July-September period largely thanks to cost-cutting measures and increased delivery of offshore facilities.

The shipbuilder logged an operating income of 207 billion won in the third quarter, shifting from an operating loss of 187 billion won a year earlier, with sales down 19.8 percent on-year to 2.42 trillion won.

By Alex Lee and newswires (alexlee@heraldcorp.com)