Maritime Industry Legend Jim Lawrence Dies
Jim Lawrence, a towering figure in U.S. maritime industry and founder of the Connecticut Maritime Association (CMA) conference, passed away on Sunday after a short illness. Lawrence, who established and...
Image (c) Hyundai Heavy Industries
SEOUL (Dow Jones)–Hyundai Heavy Industries Co. (009540.SE), the world’s largest shipbuilder by orders, said Wednesday its second-quarter net profit fell 17% on year as high thick steel plate costs weighed on the shipbuilding business.
“There were few deliveries of high-end offshore facilities (in the second quarter) and, in particular, demand for transformers in the electro-electric systems division was weak,” a company spokesman said by telephone.
Net profit for the three months ended June 30 fell to KRW538.8 billion ($511 million) from KRW645.4 billion a year earlier. Operating profit declined 10% to KRW677 billion from KRW752.2 billion, while sales were up 15% to KRW6.055 trillion from KRW5.283 trillion.
Quarter-on-quarter, net profit plunged 40% from KRW903 billion, with operating profit down 32% from KRW991.8 billion and sales down 4.0% from KRW6.306 trillion.
In the first six months, the Ulsan-based shipyard achieved 68% of its annual order target of $26.63 billion for its seven business divisions–shipbuilding, offshore & engineering, industrial plant & engineering, engine & machinery, electro electric systems, construction equipment, and green energy.
-By Kyong-Ae Choi, Dow Jones Newswires
Sign up for gCaptain’s newsletter and never miss an update
Subscribe to gCaptain Daily and stay informed with the latest global maritime and offshore news
Stay informed with the latest maritime and offshore news, delivered daily straight to your inbox
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up