Hyundai Heavy Industries, the world’s biggest shipbuilder, today reported first quarter net profit of KRW 903 billion, an increase of 21.16 percent year-on-year.
Sales rose 16.92 percent to KRW 6.3 trillion won with operating profit up 10.99 percent to 991.8 billion. Hyundai Heavy’s annual sales target for this year is KRW 26.9 trillion and new orders of USD 26.6 billion.
The Company’s operating profits were buoyed by increased sales in the shipbuilding and engine & machinery business, and rebounding construction equipment sales in the Chinese market.
The first quarter performance results were the first under which the Company applied the new International Financial Reporting Standards.