Shipbuilder Hyundai Mipo in Profit Freefall

Korean Shipbuilder Hyundai Mipo reports net plunges on falling orders in second quarter of 2012.

Hyundai Mipo Dockyard Co.,reports that its second-quarter earnings dropped 76 percent from a year earlier mainly due to a decline in new shipbuilding orders reports Korea Times.

Net profit reached 21.6 billion won ($19.1 million) in the April-June period, compared with a profit of 88.5 billion won a year earlier, the company said in a regulatory filing.

Sales sank 76 percent on-year to reach 1.09 trillion won over the cited period, and operating income also fell 6.4 percent to 27 billion won, it said.



Shares of Hyundai Mipo were trading at 128,500 won on the Seoul bourse as of 11:05 a.m., down 3.75 percent from Thursday's close.



Hyundai Mipo is a unit of Hyundai Heavy Industries Co., the world's leading shipbuilder.