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

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SEOUL, Oct. 28 (Yonhap) -- HD Korea Shipbuilding & Offshore Engineering (KSOE) Co. said Wednesday its third-quarter net profit fell 11.4 percent from a year earlier despite strong operating earnings driven by robust shipbuilding demand.

Net profit for the July-September period came to 777 billion won (US$580 million), compared with 876.7 billion won a year earlier, the shipbuilding subholding company of HD Hyundai Co. said in a regulatory filing.

Operating income rose 37.3 percent on-year to 1.44 trillion won, while revenue increased 9.3 percent to 8.28 trillion won.

The earnings failed to meet market expectations. The average estimate of net profit by analysts stood at 915 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

HD Hyundai Heavy Industries Co., its flagship shipbuilding unit, said its third-quarter sales rose 30.2 percent on-year to 5.75 trillion won, while operating profit jumped 61.3 percent, driven by higher ship prices and strong demand for engines and offshore plants.

HD Hyundai Samho Co. reported a 20.5 percent rise in sales to 2.37 trillion won and a 56.3 percent jump in operating profit to 479 billion won, helped by a higher share of liquefied natural gas (LNG) carriers in its sales mix.

HD Hyundai Marine Engine Co. saw sales surge 93.8 percent to 211.4 billion won and operating profit nearly triple to 60.3 billion won over the period, backed by increased engine deliveries and stronger sales of dual-fuel engines.

ejkim@yna.co.kr
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