Shipbuilding boom lifts Hyundai Heavy earnings
A boom in shipbuilding has lifted the earnings of Hyundai Heavy Industries Co., the world’s largest shipbuilder, which Thursday reported third quarter profit of $215 million, up 21 percent over the same 2005 period.
Revenue climbed 22 percent to $3.35 billion.
Through the end of September, HHI had received $9.3 billion in shipbuilding orders exceeding its 2006 target by $1.9 billion. It has a backlog of orders for 268 ships worth $20.9 billion, including 130 containerships.