Hyundai Heavy Q2 net falls 40 pct on stronger won

By Nam Kwang-sik
SEOUL, July 24 (Yonhap) -- Hyundai Heavy Industries Co., the world's largest
shipbuilder, said Friday that its second-quarter net profit dropped 40 percent
from a year earlier due to the stronger won.

Net income came to 393 billion won (US$314.4 million) in the April-June period,
compared with 655 billion won a year ago, Hyundai Heavy Industries said in a
regulatory filing.
Revenue rose 13.2 percent on-year to 5.33 trillion won during the same period,
while operating profit fell 2.34 percent to 534.7 billion won.
Despite the poor earnings, Hyundai Heavy Industries closed up 4.30 percent to
218,500 won on the Seoul bourse.
"Second-quarter operating profit rose from the previous quarter thanks to
improved profits from the sectors of engines, plants and construction equipment,
but the won's gain against the U.S. dollar caused its net income to be reduced,"
Hyundai Heavy Industries said.
The South Korean won rose 8.6 percent against the U.S. dollar in the second quarter.
ksnam@yna.co.kr
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