Bloomberg reported that Hyundai Heavy Industries Co has reported an 83% increase in third quarter profit, the biggest in two years, as steel prices dropped and it earned more from offshore platforms.

Net income climbed to KRW 533.9 billion from KRW 291.8 billion a year earlier. That beat the KRW 469 billion median of 19 analyst estimates compiled by Bloomberg. Sales gained 3% to KRW 4.99 trillion.

Operating profit rose by 55% in the quarter after POSCO, Dongkuk Steel Mill Co and other producers of steel plates used to make ship hulls cut prices. That helped mask a slump in new orders as the biggest financial crisis in more than six decades and declining world trade prompted shipping companies to delay fleet plans.

(Sourced from www.bloomberg.net)