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Stocks

Hyundai Heavy shares soar on earnings turnaround

HONG KONG -- Hyundai Heavy Industries' stock price rebounded Tuesday on the South Korean market after the shipbuilder reported its first operating profit in 10 quarters.

     The stock rose 3.2% to close at 112,500 won. It peaked at 117,500 won, up 7.7% from the previous day.

     The South Korean company announced Tuesday morning an operating profit of 325.2 billion won ($282 million) for the January-March quarter, up from an operating loss of 192.4 billion won in the year-earlier period.

     Hyundai Heavy posted a net profit of 244.5 billion won, compared with a net loss of 125.2 billion yen a year earlier. Sales fell 16% on the year to 10.27 trillion won. The company attributed the earnings turnaround to factors such as a decrease in low-priced ship orders, a decline in materials costs, a weakening of the won and earnings improvement in its non-shipbuilding areas such as engines and machinery.

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