Hyundai Heavy Q3 net drops 33 pct on higher costs

SEOUL, Oct. 30 (Yonhap) -- Hyundai Heavy Industries Co., the world's largest
shipbuilder, said Thursday that its third-quarter net profit fell 33 percent
on-year due to increased steel costs.
Net profit stood at 291.8 billion won (US$224.8 million) in the July-September
period, compared with 434.7 billion won a year ago, Hyundai Heavy Industries said
in a regulatory filing.
Sales rose 30 percent on-year to 4.84 trillion won during the cited period thanks
to increased orders and a weaker won, but operating profit fell 18.6 percent to
344 billion won.
Despite the weak performance, shares of Hyundai Heavy Industries rose by the
daily limit of 15 percent to end at 157,500 won on the Seoul bourse.
The company said that its operating profit will improve in the fourth quarter as
prices of steel plates are trending lower. Its profit margin will also improve
thanks to growing orders of offshore plants, it added.