(LEAD) HD KSOE Q3 net profit down 11.4 pct to 777 bln won

HD Korea Shipbuilding & Offshore Engineering (KSOE) Co., a subsidiary of HD Hyundai Co., reported a decline in net profit for the third quarter, marking an 11.4% decrease to 777 billion won ($580 million). Despite this downturn in net profit, the company's operating income saw a significant 37.3% increase, reaching 1.44 trillion won.

Revenue for the period also grew by 9.3%, totaling 8.28 trillion won. However, these figures fell short of market expectations, with analysts predicting a net profit of 915 billion won, as per a Yonhap Infomax survey. HD Hyundai Heavy Industries Co., the flagship shipbuilding unit, experienced a 30.2% increase in sales to 5.75 trillion won, and an impressive 61.3% rise in operating profit, attributable to higher ship prices and robust demand for engines and offshore plants.

HD Hyundai Samho Co. reported a 20.5% sales increase to 2.37 trillion won and a 56.3% surge in operating profit to 479 billion won, primarily due to a greater proportion of liquefied natural gas (LNG) carriers in its sales portfolio. HD Hyundai Marine Engine Co. witnessed an astonishing 93.8% sales growth, reaching 211.4 billion won, and an operating profit that nearly tripled to 60.3 billion won, fueled by increased engine deliveries and stronger sales of dual-fuel engines.