Hyundai Heavy Industries , the world's biggest shipbuilder, reported a 13 percent rise in quarterly net profit on orders won in previous boom years and the solid performance of its offshore plant business.
Hyundai, which competes with home rivals Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering, posted a 498.3 billion won ($382.9 million) net profit in January-March, in line with an average forecast for a 500.7 billion won profit.
The result compares with a 442.3 billion won profit a year earlier, when Hyundai was hit by derivatives-linked losses, and 867.3 billion won earned in the October-December quarter.
Its first-quarter operating profit came at 471.4 billion won, missing a forecast for a 524.2 billion won profit.
Hyundai is set to suffer a sharp drop in new ship orders this year amid a severe shipping industry downturn but is pinning its hopes on its renewable energy business and offshore projects by oil firms.
Hyundai, which competes with home rivals Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering, posted a 498.3 billion won ($382.9 million) net profit in January-March, in line with an average forecast for a 500.7 billion won profit.
The result compares with a 442.3 billion won profit a year earlier, when Hyundai was hit by derivatives-linked losses, and 867.3 billion won earned in the October-December quarter.
Its first-quarter operating profit came at 471.4 billion won, missing a forecast for a 524.2 billion won profit.
Hyundai is set to suffer a sharp drop in new ship orders this year amid a severe shipping industry downturn but is pinning its hopes on its renewable energy business and offshore projects by oil firms.