STX Group has had its biggest ever first-half sales thanks to strong performances by its two affiliates ? STX Shipbuilding and STX Pan Ocean. The group reaped 13.2 trillion won in sales for the first half of the year including contributions from its overseas operations. Operating profit during the January-June period was 990 billion won, it said Sunday Domestically, revenue was 9.1 trillion won over the period, while operating profit was 880 billion won ? an increase of 138 percent year-on-year.
"The group's two key flagships ? shipbuilding and shipping ? have lifted total sales," spokesman Lee Sung-hee said.
The shipbuilding unit grabbed 1.33 trillion won in sales during the first half, while profit soared 29-fold to reach 77.4 billion won. STX Pan Ocean realized 4.22 trillion won in sales.
STX Shipbuilding made a surprise move for Norway-based Aker Yards in June fewer than 10 days after group chairman Kang Duk-soo said its existing holdings, worth $800 million, were enough. Kang then didn't rule out a hunt for further stock "sometime in the future."
Simultaneously, the company has also been in talks with the French government regarding the sale of a stake in Aker Yards France, in which STX has no direct holding, according to sources.
Oslo-listed Aker is critical of STX's valuation of the company and also hints at a frosty relationship with the South Korean group. But Europe’s largest shipbuilder urged shareholders to accept the bid as STX’s offer of $11.96 per share is currently adequate considering the financial climate.
Despite some leveling-off of dry bulk rates in the last month, STX Pan Ocean, the nation's biggest dry bulk shipping company, is confident that there will be a resurgence in demand from China in the fourth quarter that will hold rates at their present high level through 2009.
The group's shipping line expanded its fleet by 13 vessels ? nine bulk carriers, two tankers and two containerships ? during the first half of the year. The company is currently in the market for two additional bulk carriers that it wants delivered in 2010 and 2011, according to the spokesman.
"The group's two key flagships ? shipbuilding and shipping ? have lifted total sales," spokesman Lee Sung-hee said.
The shipbuilding unit grabbed 1.33 trillion won in sales during the first half, while profit soared 29-fold to reach 77.4 billion won. STX Pan Ocean realized 4.22 trillion won in sales.
STX Shipbuilding made a surprise move for Norway-based Aker Yards in June fewer than 10 days after group chairman Kang Duk-soo said its existing holdings, worth $800 million, were enough. Kang then didn't rule out a hunt for further stock "sometime in the future."
Simultaneously, the company has also been in talks with the French government regarding the sale of a stake in Aker Yards France, in which STX has no direct holding, according to sources.
Oslo-listed Aker is critical of STX's valuation of the company and also hints at a frosty relationship with the South Korean group. But Europe’s largest shipbuilder urged shareholders to accept the bid as STX’s offer of $11.96 per share is currently adequate considering the financial climate.
Despite some leveling-off of dry bulk rates in the last month, STX Pan Ocean, the nation's biggest dry bulk shipping company, is confident that there will be a resurgence in demand from China in the fourth quarter that will hold rates at their present high level through 2009.
The group's shipping line expanded its fleet by 13 vessels ? nine bulk carriers, two tankers and two containerships ? during the first half of the year. The company is currently in the market for two additional bulk carriers that it wants delivered in 2010 and 2011, according to the spokesman.