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.

(Sourced from www.bloomberg.net)