Hyundai Heavy net profit jumps 47% in Q4

Hyundai Heavy Industries Co., the world’s largest shipbuilder by orders, reported a 47% jump in fourth quarter net profit, buoyed by higher ship prices and increased orders for high-end offshore facilities. “A recovery in China’s construction equipment market and higher sales in the renewable energy business, including solar power and wind power generation, also helped,” the company said in a statement. Net profit rose to 1.06 trillion won (US$944.51 million), from 721.3 billion won (US$642.71 million) a year ago. The South Korean shipbuilder is targeting US$26.6 billion in new orders in 2011, up from the US$17.23 billion it received the previous year.(January 27, 2011)