Hyundai Heavy continues strong growth in first quarter

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Hyundai Heavy continues strong growth in first quarter

Hyundai Heavy Industries, a major Korean shipbuilder, said Thursday that its first-quarter earnings almost doubled from a year earlier on cost-cutting efforts and the delivery of high-priced ships.

Net profit reached 462 billion won ($409 million) in the January-March period, compared with a profit of 245 billion won a year earlier, the company said in a regulatory filing. Operating income also surged 90 percent year on year to reach 619 billion won, while sales dropped 1.9 percent to 10.08 trillion won.

Hyundai Heavy said earlier it has so far clinched new orders worth $1.4 billion to build 15 ships this year, including 13 oil tankers. The company hopes to win $4.3 billion in new orders this year.

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