Hyundai Heavy Industries declares net profit surge for Q4 FY08

Leading Korean Shipbuilder Hyundai Heavy Industries has announced a to third increase to its quarterly net profits to 854bn won ($623.9m) reports Reuters. The figure compares with net profits of 512.9bn won for the same period a year earlier and 291.8bn won in the third quarter.

The global shipbuilding industry faces challenges as shipping demand shrinks and new ship orders fall amid the spreading global downturn. Order cancellations by shippers struggling with funding difficulties have hit smaller players such as Chinese shipyards.

However, top ship makers such as Hyundai and its home rivals Samsung Heavy Industries and Daewoo Shipbuilding will likely weather the storm thanks to large order backlogs won during the past boom years.

Source: http://www.seatradeasia-online.com