Hyundai Heavy Industries Co, South Korea's leading shipbuilder, said that its third quarter earnings soared almost 30% YoY on a one time factor.

Net profit reached KRW 729 billion on a consolidated basis in the July to September 2012 period as compared with a profit of KRW 562 billion a year earlier. Sales edged up by 0.8% YoY to reach KRW 13.1 trillion, while operating income dropped 35% YoY to KRW 594 billion over the cited period.

The rise in the third quarter net profit was mainly due to gains from a stake sale in Hyundai Motor Co, the country's leading automaker.

In July 2012, Hyundai Heavy sold 3.2 million shares of Hyundai Motor in a block sale, pocketing around KRW 700 billion.

Hyundai Heavy said its third quarter operating income sank from a year earlier as it built low priced ships.

Source - Yonhap News

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