SEOUL, May 4 (GCTL) - Hyundai Heavy Industries Co., the world's largest shipbuilder, said its first-quarter earnings tumbled 63.1 percent from a year earlier due mainly to weak vessel prices.
Net profit reached 523.1 billion won (US$462.3 million) in the January-March period, compared with 1.42 trillion tallied a year earlier, the company said in a regulatory filing. Sales gained 9.74 percent on-year to 13.93 trillion won, while operating income fell 43.3 percent to 969.1 billion won.
The shipbuilder said the bottom line took a hit from lower prices for ships built in the three-month period and an overall drop in the number of vessels built, Yonhap News Agency reported.
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