Samsung Heavy and Hyundai Mipo post Q2 profit drop
Tuesday, 04 Aug 2009
Bloomberg reported that Samsung Heavy Industries Co and Hyundai Mipo Dockyard Co posted lower second quarter profits as costs rose.
Samsung Heavy said that net income fell by 10% to KRW 150.8 billion in the quarter ended June 30th 2009 on higher borrowing costs. Operating profit rose by 19% YoY to a record KRW 228.8 billion. The operating profit margin fell to 7.1% from 7.5% and sales rose by 25% YoY to a high of KRW 3.23 trillion.
Hyundai Mipo said that its profit dropped by 47% YoY to KRW 79.4 billion, the smallest in six quarters, on higher steel costs. It's operating profit dropped by 41% YoY to KRW 84.1 billion, narrowing the margin to 8.7% from 16% a year earlier. Sales climbed 8% YoY to KRW 972.5 billion.
