Hyundai Heavy Industries reports $721 million net profit in Q3 2010

South Korea-based heavy industrial giant and the world's No. 1 shipbuilder Hyundai Heavy Industries (HHI) has issued its financial results for the third quarter of 2010, saying that the higher-than-expected profit was driven by the reflection of sales of high priced ships ordered in 2007 and 2008 and by the profit increase in other non-shipbuilding sectors due to lucrative offshore and plant projects
 
In the third quarter of 2010, net income climbed to KRW 798.8 billion ($720.87 million) from KRW 533.8 billion a year earlier, increasing 50 percent year on year. Sales revenues of KRW 5.33 trillion ($4.81 billion) in the quarter saw a seven percent increase year on year.
 
HHI won $13.98 billion worth of new orders during the first nine months of the year, with an 87 percent hike from the same period last year. This also equals 78.8 percent of the total new order goal of $17.725 billion for this year.