Hyundai Heavy jumps 70% in Korea

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Hyundai Heavy jumps 70% in Korea

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Hyundai Heavy Industries has reported a 70 per cent jump in first-half operating profit. Operating profit at the world’s largest shipbuilder rose to Won315bn ($280m) in the first six months of 2017 from Won186bn IN 2016. It is the company’s first earnings announcement after Hyundai Heavy split into four companies in April.  As per the company reports, Hyundai, together with its two other shipping affiliates won orders to build 81 vessels worth $4.5bn  $4.5bn in 2017 compared to 16 vessels worth $1.7bn in 2016. Its first-half operating profit swung to Won48bn. Daewoo Shipbuilding and Marine Engineering is also expected to report an operating profit of up to Won800bn. South Korea received new orders totaling 2.83m compensated gross tonnage during the first half of 2017.

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