NewsHyundai Heavy Q3 Profit Drops

Hyundai Heavy Q3 Profit Drops

Friday, October 31, 2008

· Net profit misses forecasts on derivative losses

· Higher steel costs weigh on margins

· Outlook weakens but top players set to weather downturn

Hyundai Heavy Industries Co Ltd 009540.KS reported on Oct 30 that its quarterly net profit fell by a third, hit by rising raw materials costs and losses from the weaker won.

The shipbuilding industry faces declining orders and falling shipping demand amid a deepening global downturn. Margins are set to fall with new ship prices turning lower and raw material prices rising.

(Source: Reuters)

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