STX posts optimistic profit target for 2010

As a result, the group is aiming for $850 million in operating profit in 2010. It also aims to record $22 billion in total sales and $28 billion in orders in the new year by capitalising on new growth sectors including plants, construction and energy.

STX is expected to get $19.8 billion in sales and $13.75 billion in orders for 2009. “Our moves into new growth sectors ranging from plants and construction to energy are likely to expand. Also, STX sees a recovery in shipping and other relevant segments,” a group spokesman said.

Of the 2010 sales target, STX aims to get $12 billion from its shipbuilding and machinery divisions and $7.7 billion in its shipping and trading divisions. To achieve the operating profit target, it will advance further into emerging markets such as the Middle East, Latin America and Africa, according to the statement.

In a separate official statement, STX Engine, a unit of STX Group, has secured a $39 million deal to supply diesel engines to be installed on Korea Coast Guard patrol ships. The deal with Hyundai Heavy Industries calls on STX Engine to deliver the engines by November 2011.