Seoul:HD Hyundai Heavy Industries Co., South Korea's largest shipbuilder, has announced a net income of 354.3 billion won (approximately US$264.5 million) for the third quarter, marking a 17.8% decrease compared to the same period last year.
According to Yonhap News Agency, despite the decline in net income, the company experienced a significant increase in operating income and sales. Operating income for the July-September period rose by 61.3% year-on-year to 899.2 billion won, while sales climbed by 30.2% to reach 5.75 trillion won.
The reported earnings fell short of market expectations, as analysts had estimated an average net profit of 732.3 billion won, based on a survey conducted by Yonhap Infomax, a financial data firm affiliated with Yonhap News Agency.