Hyundai Heavy Industries reported a higher-than-expected 87 percent jump in quarterly operating profit despite a sector downturn on previous lucrative ship orders and strong growth in its plant and construction equipment businesses.
The world's biggest shipbuilder posted on Thursday a 880.9 billion won ($795.3 million) operating profit in the January-March quarter, far above a consensus forecast of 621.5 billion won from Thomson Reuters I/B/E/S.
That improved sharply from a 471.4 billion won operating profit a year earlier and 674.8 billion won earned in the previous quarter.
South Korea's top shipyards including Hyundai, the world's No. 2 Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries are set to benefit from their strength in offshore and plant businesses in the middle of a prolonged shipbuilding slump.
Shares in Hyundai Heavy, South Korea's seventh-largest stock worth around $17 billion, jumped more than a third in January-March, far outperforming the wider market's 0.6 percent gain.
The world's biggest shipbuilder posted on Thursday a 880.9 billion won ($795.3 million) operating profit in the January-March quarter, far above a consensus forecast of 621.5 billion won from Thomson Reuters I/B/E/S.
That improved sharply from a 471.4 billion won operating profit a year earlier and 674.8 billion won earned in the previous quarter.
South Korea's top shipyards including Hyundai, the world's No. 2 Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries are set to benefit from their strength in offshore and plant businesses in the middle of a prolonged shipbuilding slump.
Shares in Hyundai Heavy, South Korea's seventh-largest stock worth around $17 billion, jumped more than a third in January-March, far outperforming the wider market's 0.6 percent gain.