Hyundai Heavy Q3 net jumps on falling costs

SEOUL, Oct. 29 (Yonhap) -- Hyundai Heavy Industries Co., South Korea's leading
shipbuilder, said Thursday that its third-quarter profit soared 83 percent from a
year earlier on falling costs and increased orders for offshore plants.

Net profit reached 534 billion won (US$446 million) in the July-September period,
compared with 292 billion won a year earlier, the company said in a regulatory
filing.
Sales increased 3 percent to 4.99 trillion won over the cited period, and
operating income rose 55 percent to 532 billion won, it said.
Shares of Hyundai Heavy closed at 164,000 won on the Seoul bourse, down 3.53
percent. The third-quarter results were released after the market closed.
The company said falling prices of steel plates used to make ship hulls helped
offset a slump in new orders amid the global economic downturn.
sam@yna.co.kr
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