World�s largest shipbuilder posts Q1 profit

SEOUL, South Korea: The world's largest shipbuilder, Hyundai Heavy Industries, posted its first net profit for more than two years in the first quarter, despite an extended global slump in the shipbuilding sector.
The South Korean company said yesterday that net income for the January-March period stood at 244.5 billion won ($213 million), compared to a loss of 125.2 billion won a year earlier. "We've succeeded in shifting to the black for the first time in 10 quarters through intense corporate restructuring," it said in a statement.
The overhaul included spinning off unprofitable businesses and cutting costs across the board.
Hyundai Heavy said the first quarter performance was boosted by lower raw material prices, a weaker Korean currency and "substantial improvement" in sectors aside from shipbuilding -- including heavy engines, electric and electronics goods and construction equipment.

World�s largest shipbuilder posts Q1 profit

SEOUL, South Korea: The worlds largest shipbuilder, Hyundai Heavy Industries, posted its first net profit for more than two years in the first quarter, despite an extended global slump in the shipbuilding sector. The South Korean company said yesterday that net income for the January-March period stood at 244.5 billion won ($213 million), compared to a loss of 125.2 billion won a year earlier. Weve succeeded in shifting to the black for the first time in 10 quarters through intense corporate restructuring, it said in a statement. The overhaul included spinning off unprofitable businesses and cutting costs across the board. Hyundai Heavy said the first quarter performance was boosted by lower raw material prices, a weaker Korean currency and substantial improvement in sectors aside from shipbuilding -- including heavy engines, electric and electronics goods and construction equipment.