Korean energy conglomerate STX Group has revised its total sales target for 2011 to 30 trillion won or some $27 billion, the group chairman said.
This is an increase of about 30 percent from this year's 25 trillion won projection. In 2009, the group had 24.5 trillion won in sales on a consolidated basis ? an international accounting measurement that includes performances of overseas affiliates.
STX expects to report improved earnings for 2010 from last year amid positive signs in the global shipbuilding sector,’’ said Chairman Kang Duk-soo at a forum in Seoul, Tuesday.
STX has been receiving more shipbuilding orders and the 30 trillion won sales target is highly achievable considering the current market mood,’’ according to Kang.
When asked about targets for operating and net profits, the chairman declined to comment by saying the final plan will be announced in mid-November.
Kang said that he was positive on the firm’s plan to clinch $10 billion won in shipbuilding orders for 2010 and added the group will try to contact bigger ship owners for additional ones.
As of the end of September, STX Group won $7.6 billion worth of orders, according to the group.
The remarks come after STX Pan Ocean won a mega deal with Brazil’s Fibria Celulose SA ? the world’s top supplier of pulp to paper manufacturers.
Under the 5.6 trillion won contract, STX Pan Ocean will ship wood pulp to China, Europe and the United States for 25 years from 2012, it said in a press release.
STX Pan Ocean is the world’s 10th largest shipping company with more than 300 vessels.
After the years-long slump mainly due to economic turmoil, the global shipbuilding-related industry is seeing a sign of stabilization with top-tier shipbuilders receiving more orders.
STX, which is embracing the value-added cruise ship business as one of its next growth engines, is planning to take its European affiliate ? STX Europe ? public on the Singapore Stock Exchange next month.
This is an increase of about 30 percent from this year's 25 trillion won projection. In 2009, the group had 24.5 trillion won in sales on a consolidated basis ? an international accounting measurement that includes performances of overseas affiliates.
STX expects to report improved earnings for 2010 from last year amid positive signs in the global shipbuilding sector,’’ said Chairman Kang Duk-soo at a forum in Seoul, Tuesday.
STX has been receiving more shipbuilding orders and the 30 trillion won sales target is highly achievable considering the current market mood,’’ according to Kang.
When asked about targets for operating and net profits, the chairman declined to comment by saying the final plan will be announced in mid-November.
Kang said that he was positive on the firm’s plan to clinch $10 billion won in shipbuilding orders for 2010 and added the group will try to contact bigger ship owners for additional ones.
As of the end of September, STX Group won $7.6 billion worth of orders, according to the group.
The remarks come after STX Pan Ocean won a mega deal with Brazil’s Fibria Celulose SA ? the world’s top supplier of pulp to paper manufacturers.
Under the 5.6 trillion won contract, STX Pan Ocean will ship wood pulp to China, Europe and the United States for 25 years from 2012, it said in a press release.
STX Pan Ocean is the world’s 10th largest shipping company with more than 300 vessels.
After the years-long slump mainly due to economic turmoil, the global shipbuilding-related industry is seeing a sign of stabilization with top-tier shipbuilders receiving more orders.
STX, which is embracing the value-added cruise ship business as one of its next growth engines, is planning to take its European affiliate ? STX Europe ? public on the Singapore Stock Exchange next month.