Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Hyundai Heavy records robust Q4 results

Hyundai Heavy records robust Q4 results

Ulsan: Hyundai Heavy Industries (HHI) posted strong revenue and profit for the fourth quarter of 2010 on robust offshore and shipbuilding operations.

Fourth quarter revenue for the Ulsan-based company rose 20.6% both quarter-on-quarter and year-on-year to 6.43trn won ($5.77bn), HHI announced Thursday. Net profit came up to 1.06trn won, up 22.9% compared to the previous quarter and a jump of 47.1% against the same quarter in 2009.

During the fourth quarter, the number of new orders for the world's largest shipbuilder surged 60.3% year-on-year to 57 vessels worth $4.06bn, an increase of 814.6% year-on-year. With that achievement, HHI aims to increase its new shipbuilding orders to $26.6m, 54.8% higher than its estimated orders in 2010. [28/01/11]