Hyundai Mipo Q3 net profit down 37.5% to $27.2m

Hyundai Heavy Industries unit, Hyundai Mipo Dockyard saw third quarter operating profit plunge 37.5% to 29.64bn won ($27.2m) due to an overall slump in the global shipbuilding industry, according to a stock market announcement, Seatrade Asia online reports.

Net profit meanwhile fell by nearly half to 31.89bn won while sales rose 0.4% to 1.1trn won.

Sequentially however, operating profit expanded 9.6% from the three months prior due to an improved order mix. Signalling slightly better fortunes, likewise, revenue also grew 1.4% on a quarter-on-quarter basis, and net income surged 47.3%.

Hyundai Mipo managed to change its sales mix from low margin vessels such as bulk carriers and containerships to high margin vessels such as LPG carriers and product carriers. As of August, the mid-sized shipbuilder has won new orders worth 1. 9trn won, reaching 55.9% of the company's current full-year target of 3.4trn won, it said.