November 21, 2008

STX Shipbuilding eyes sales of KRW 3 trillion in 2008

Korea.net reported that STX Shipbuilding Co, the world's fifth largest shipbuilder, is targeting KRW 3 trillion (USD 3.17 billion) in sales in 2008 as compared with KRW 2.13 trillion in 2007.

STX Shipbuilding in a regulatory filing said that it expects its operating income to reach KRW 200 billion in 2008 as compared with KRW 94.8 billion in 2007.

STX Shipbuilding in 2007 saw its net profit more than quadruple as it built more high priced ships to carry chemical products and others. Shipyards in Korea, the world’s largest shipbuilding nation, have received record orders in recent years as demand has surged for vessels to transport raw materials to China and goods to the rest of the world.