Dow Jones Newswires: Profit tumbles 72% at Korean shipbuilder Hyundai Heavy Industries

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Hyundai Heavy Industries Holdings Co.’s third-quarter net profit plunged 72% on year amid weak demand for ships and oil rigs.

Net profit for the quarter ended Sept. 30 was 66.10 billion Korean won ($56.4 million), compared with KRW239.50 billion in the same quarter a year earlier, the South Korean conglomerate 267250, +0.14%  said Monday. It missed consensus forecast for a net profit of KRW98.25 billion, according to FactSet.

Its revenue during the quarter fell 1.1% on year to KRW6.530 trillion while operating profit dropped 38% on year to KRW219.60 billion, the company said.

The U.S.-China trade spat and growing business uncertainties led to fewer shipbuilding orders and hit its offshore-plant segment especially hard, the company said.