Hyundai Mipo Q2 net drops 47 pct on steel prices, falling orders

SEOUL, July 28 (Yonhap) -- South Korean shipbuilder Hyundai Mipo Dockyard Co.
said Tuesday its second-quarter earnings tumbled 47 percent from a year earlier
mainly due to higher steel prices and falling new orders.

Net profit reached 79.4 billion won (US$64 million) in the April-June period,
compared with a profit of 150 billion won a year earlier, the company said in a
regulatory filing.
Sales, however, increased 8 percent to 973 billion won over the cited period,
while operating income sank 41 percent to 84.1 billion won, said the company, a
unit of the world's top shipyard, Hyundai Heavy Industries Co.
Shares of Hyundai Mipo closed down 0.75 percent at 131,500 won on the Seoul
bourse. The second-quarter earnings were released after the market closed.
South Korea's major shipyards such as Samsung Heavy Industries Co saw their
shipbuilding orders shrink this year due to the global economic slump.
sam@yna.co.kr
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