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Mipo’s profit plunge

Hyundai Mipo Dockyard has seen its bottom line slashed by almost a half during the third quarter.
Mipo’s profit plunge
The South Korean shipbuilder reported net income was down by 45.1% to KRW 31.9bn ($29.3m) in the three months to 30 September.

This was despite seeing a slight rise in sales of 0.4% during the period to KRW 1.1 trillion.

Operating profit slumped by 37.5% to KRW 29.64bn.

However the result was better than in the previous quarter with net profit surging by just under 50%.

As of August, the company had reached 56% of its full-year order target of KRW 3.4 trillion.

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