HANJIN HI & Construction returned to profitability with net income of 13Bn won ($11.6M) for 2012, reversing 2011’s 116Bn won in losses.

However, the South Korean builder said its operating income fell 29.6% year on year, to 28.6Bn won. Operating profits refer to earnings from its core business operations and excludes profits from investments.

HHIC said its core shipbuilding business produced fewer revenues due to a reduction of high-value orders.

Last year HHIC ?whose yard is in Subic Bay, Philippines ?delivered 15 ships, including both bulkers and tankers; eight bulkers comprised all its deliveries for all of 2011.

Last year HHIC received just seven orders, all of them box ships, from Schulte and Aeolos Management.

The builder’s net income rose because of gains on securities and the sale of land.