Hyundai Heavy Industries Co, South Korea's leading shipbuilder, said that its fourth quarter earnings tumbled almost 91% YoY as it built more low priced ships.

Net profit reached KRW 71.3 billion in the October to December 2011 period as compared with a profit of KRW 827 billion a year earlier. Sales gained 5.1% YoY to KRW 6.75 trillion in the fourth quarter, while operating income plunged 62.4% YoY to KRW 405 billion.

For all of 2011, the shipbuilder's net profit nose dived 31.4% YoY to KRW 1.95 trillion. Sales climbed 11.7% YoY to KRW 25.02 trillion in 2011, but operating income sank 27% YoY to KRW 2.6 trillion.

Hyundai Heavy won orders valued at USD 25.3 billion in 2011, up by 47.2% YoY. The shipbuilder said it is targeting to clinch orders worth USD 30.6 billion in 2012.

(Sourced from www.yonhapnews.co.kr)