HD Korea Shipbuilding & Offshore Engineering Co. said Thursday it swung to a profit in the second quarter of the year amid increased sales.
The consolidated net profit of South Korea's top shipyard came to 39.4 billion won (US$30.9 million) in the April-June period, compared with a net loss of 105.6 billion won a year earlier, the company said in a regulatory filing.
Sales surged 30.2 percent on-year to 5.45 trillion won, with operating income coming to 71.2 billion won, switching from a loss of 265.1 billion won a year ago.
The top line of its main shipbuilding sector jumped 26.2 percent on-year to some 4.5 trillion won in the three-month period, with its operating balance swinging to a profit of 47.8 billion won from a loss a year earlier.
Sales of its offshore plant division spiked about 48 percent on-year to 278.6 billion won, with those of the engine-machinery segment shooting up nearly 300 percent to 488 billion won, HD Korea Shipbuilding said.
So far this year, HD Korea Shipbuilding has won $14.73 billion worth of orders to build 113 vessels and a floating production unit, or 93.6 percent of its yearly order target of $15.74 billion.
HD Korea Shipbuilding, a subholding company of shipbuilding, oil refining and machinery conglomerate HD Hyundai, has three domestic units under its wing -- HD Hyundai Heavy Industries Co., Hyundai Mipo Dockyard Co. and Hyundai Samho Heavy Industries Co.
Shares in HD Korea Shipbuilding closed 5.88 percent down at 118,200 won ($92.50) on the Seoul bourse Thursday, far underperforming the broader KOSPI's 0.44 percent increase.
Source: Yonhap News Agency