Hyundai Heavy reports $763.9 million net profit in Q2 2010

On July 22, South Korea-based heavy industrial giant Hyundai Heavy Industries (HHI) issued its financial results for the second quarter of 2010, saying that its strong performance was led by profitable projects from shipbuilding and offshore business and a faster than expected construction equipment sales recovery in China.
 
In the second quarter of 2010, the company's net profit was KRW 910.5 billion ($763.9 million), compared to a net profit of KRW 393 billion in the same period of 2009, increasing 131 percent. Sales revenues of KRW 5.34 trillion ($4.48 billion) in the second quarter of 2010 saw a very slight increase year on year.
 
HHI won $10 billion worth of new orders during the first half, almost doubling from the same period last year. Notably non-shipbuilding sectors in general secured orders worth $7.5 billion, up 149 percent year on year.