(LEAD) HD KSOE Q1 net profit up over 80 pct on high margin ships

(LEAD) HD Shipbuilding & Offshore Engineering-Q1 earnings

(LEAD) HD KSOE Q1 net profit up over 80 pct on high margin ships

(ATTN: RECASTS headline, lead; ADDS more details throughout; COMBINES story slugged HD Hyundai Marine Engine-Q1 earnings)

SEOUL, May 7 (Yonhap) -- HD Korea Shipbuilding & Offshore Engineering Co. on Thursday said its first-quarter net profit surged from a year earlier, boosted by its eco-friendly vessels and increased productivity.

The subholding company of shipbuilding giant HD Hyundai Co. reported a net profit of 1.14 trillion won (US$786.6 million) for the January-March period, up 86.6 percent on-year, according to its regulatory filing.

Operating profit for the quarter stood at 1.36 trillion won, up 57.8 percent from a year earlier. Sales rose 20.2 percent on-year to 8.14 trillion won.

Its ship engine affiliate, HD-Hyundai Marine Engine Co., also saw its sales and operating profits each grow 60.8 percent and 216.5 percent on-year, respectively. This was due to a rise in unit price and delivery of its ship engines and increased sales of ship parts, the company said.

HD Hyundai Co.'s solar power company, HD Hyundai Energy Solutions Co., swung to the black in the first quarter on increased module sales, the shipbuilder added.

"Orders for gas carriers and container ships are holding steady, while new orders continue to flow in, primarily for large tankers," a company official was quoted as saying in a release.

The official added the company will focus on securing orders of high value-added ships, as it expects demand for liquefied natural gas (LNG) carriers to grow going forward.

The Korean logo of HD Korea Shipbuilding & Offshore Engineering Co. provided by the company (PHOTO NOT FOR SALE) (Yonhap)