HDC Hyundai Development Company Reports 41.4% Increase in Q3 Operating Profit

[Asia Economy Reporter Yoo In-ho] HDC Hyundai Development Company announced on the 28th that its consolidated operating profit for the third quarter of this year was tentatively estimated at 132.6 billion KRW, a 41.4% increase compared to the same period last year. Sales amounted to 812.5 billion KRW, a 6.8% decrease compared to the same period last year.

Hyundai Development Company stated, "Based on separate financial statements, sales recorded 811 billion KRW and operating profit was 132.5 billion KRW," adding, "Sales slightly decreased from 954.2 billion KRW in the previous quarter, but the operating profit margin rose by 1.0 percentage point from 15.3% last quarter to 16.3%."

They continued, "Although sales decreased compared to the previous quarter due to the base effect of last year's new pre-sales, construction of our own project, Daejeon I-Park City, is progressing smoothly," and added, "Thanks to the strong performance of our own projects such as the groundbreaking of Yeongtong I-Park Castle Phase 3 and improvements in execution rates at large sites, operating profit reached 132.5 billion KRW, showing the industry's highest level of operating profit margin."

A representative of HDC Hyundai Development Company said, "Despite the uncertain domestic and international business environment, we achieved double-digit operating profit margins in the third quarter following the first and second quarters," and added, "We will actively promote large-scale development projects such as the Kwangwoon University station area development project and the Incheon Yonghyeon-Hakik urban development project to enhance our competitiveness as a developer, and aim to grow into a comprehensive financial real estate company through the launch of Gocheok I-Park at the end of this year."