Hyundai Heavy Industries (HHI) has reported a 29.97% drop in profit to KRW432.8bn ($387.5m) during the Q3 of 2011 compared to KRW 618bn ($553m) it reported during Q3 in 2010.

The dip in profit was mainly due to a decline in profit in its offshore business, the company said.

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However its revenue increased 11.28% to KRW5.9tn ($5.2bn) compared to the KRW 5.3bn it reported during the corresponding quarter in 2010.

HHI won new orders worth $22bn during the first nine months, led by orders for high-end ships such as drillships and LNG carriers reporting a year-on-year rise of 58%, reaching 83% of its annual target of $26.6bn.

Shipbuilding division won orders worth $10bn, offshore $3.3bn and engine & machinery division won orders worth $2.8bn reporting a rise of 226%, 22% and 51% year-on-year respectively.

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