Hyundai Mipo Dockyard Reports a 91% Drop in Q3 Net Profit

SEOUL, - Hyundai Mipo Dockyard Co. revealed a sharp decline in its third-quarter net profit compared to the same period last year.

According to a new release by the Yonhap News Agency, the net profit for the third quarter was 9.7 billion won (US$7.1 million), which is a 91 percent drop from the previous year. The company posted an operating loss of 7.8 billion won for the July-September period, compared with a profit of 14 billion won a year ago. Sales, however, rose by 12.6 percent to 993.8 billion won. The operating loss was 59.4 percent lower than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

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