SEOUL: South Korea's Hyundai Heavy Industries said Friday its first-quarter net profit fell 39 percent from a year earlier because of soft sales of new ships and construction equipment.
The world's largest shipbuilder said net profit in the January-March period fell to 319.7 billion won ($290 million) from 525.3 billion won a year earlier.
Operating profit plunged 62 percent to 377.7 billion won, and revenue dipped 5.7 percent to 13.14 trillion won.
The company attributed the decline to low profitability in its shipbuilding business and decreased sales of construction equipment.
"Vessel orders earned at the end of 2011 had lower price tags than they could have and it affected the quarterly outcome," a spokesman told Dow Jones Newswires. (AFP)
