Hyundai Heavy boosts Profit on units at sea, the ship price

April 29, 2011, 5: 06 am EDT by Kyunghee Park

(Updates closing stock in the sixth paragraph).

April 29 (Bloomberg) - Hyundai Heavy Industries Co., the largest shipyard in the world increased in the first quarter profit 21 percent he built more offshore-units and worked by commands from ship WINS highest award.Net income grew to 903 billion won ($845 million) from a 745.3 billion won restated a year earlier, the Ulsan, company-based on the Korea of the South said today in a regulatory filing based on the figures of the parent. Sales increased 17% to 6.31 billion won.The shipyard has already reached 78 per cent of its target for the orders and ship offshore this year as the rising prices of oil and demand of spur of trade in rebounds. "Work in progress the company includes 2.06 billion in facilities of liquefied natural gas to be used by Chevron Corp. off the coast of the Australia and the construction of container for A.P. Moller-Maersk A/s vessel." things are good"," said Cho in Karp, Director of research at the Heungkuk Securities Co. in Seoul. "Almost from all divisions to Hyundai Heavy appear to have reported the best results.".Operating profit, sales less cost of goods sold and administrative expenses, increased by 11% to 991.8 billion won in the first quarter. Margin of sales fell to 16 per cent from 17% a year earlier.The shipyard dropped by 0.4% to 535,000 to 15 hours nearly won in Seoul trade. The stock advanced 21 percent this year, compared to a rise of 6.9% for the index of the Korea of South. company EarningsThe consolidated ABN will publish the consolidated figures, which includes earnings for affiliates, at a later date. South Korean companies have moved to using Korean International Financial Reporting Standards of the system of the nation of generally accepted accounting principles.Shipyard performance growth may slow in the third quarter as steel producers increase the price of steel plate, said Lee Jae Won, an analyst of Tong Yang Securities Inc. in Seoul. POSCO, South Korea most important supplier of steel sheet, increased the price of the plate by 160,000 won by metric tons last week.In December, Hyundai Heavy said that it expects global orders of 54 per cent jump this year to $ 26.6 billion. This includes $ 12.3 billion in contracts for ships and offshore units. The company also manufactures marine engines, generators and construction equipment.Sales throughout the year, reflecting the work completed, could climb by 20 percent to a record 26.9 billion won, said the shipyard.

-Editors: Neil Denslow, Garry Smith

To contact the reporter on this story: Kyunghee at Singapore Park in the kpark3@bloomberg.net

To contact the editor responsible for this story: Neil Denslow in the ndenslow@bloomberg.net

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