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Business Briefing.
(From Lloyds List)
Byline: Keith Wallis in Hong Kong
Hyundai yard slump
SOUTH Korean shipbuilder Hyundai Mipo Dockyard had a net profit slide to Won21.1bn ($20.13m) in the third quarter compared with Won38.3bn in the same period last year.
The fall in net profit was despite an increase in sales to Won483.1bn between July-September, up from Won353.3bn a year ago. Operating profit also dropped to Won24.3bn, down from Won32.5bn in the third quarter 2004.
The poor third quarter results followed a strong second quarter when the firm, an offshoot of number one shipbuilder Hyundai Heavy Industries, posted a 154.2% rise in net profit to Won36.5bn, up from Won14.3bn a year earlier. This followed a surge in newbuilding orders.
JINYUAN Marine, an offshoot of Jinhui Shipping and Transportation, has placed a YEN3.35bn ($28.5m) order with Japan's Oshima Shipbuilding for a 55,300 dwt handymax bulk carrier.
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