Korea Shipbuilding & Offshore Engineering, 3Q 40.7 Billion KRW... 34.3% Increase YoY

[Asia Economy Reporter Hwang Yoon-joo] Korea Shipbuilding & Offshore Engineering, the intermediate holding company of Hyundai Heavy Industries Group's shipbuilding division, announced on the 30th that its operating profit for the third quarter of this year increased by 34.3% compared to the same period last year, reaching 40.7 billion KRW. During the same period, sales decreased by 5% to 3.4598 trillion KRW, and net loss turned to 77 billion KRW.

Korea Shipbuilding & Offshore Engineering explained, "Sales declined due to a decrease in operating days caused by summer vacations and a drop in exchange rates, but operating profit maintained a positive trend thanks to an increased proportion of profitable ships and efforts to reduce costs." They added, "Net profit recorded a loss due to foreign exchange-related losses reflecting the decline in exchange rates."

In the shipbuilding division, all affiliated shipbuilding companies evenly achieved profits. In the offshore division, sales increased as the King’s Quay Floating Production Unit (FPU) began full-scale construction, but operating profit recorded a loss due to continued fixed cost burdens. The engine machinery division maintained stable performance following the previous quarter, with increased sales of engine power generation and gas turbines.

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