Operating Profit Soars 1,936% Year-on-Year
Early Recognition of High-Priced Ship Sales Boosts Shipbuilding Division
HD Hyundai Heavy Industries reported a significant growth in consolidated operating profit for the first quarter of this year, rising by 1,936% compared to the same period last year.
On April 24, HD Hyundai Heavy Industries announced that its sales for the first quarter of this year reached 3.8225 trillion won, with an operating profit of 433.7 billion won. These figures represent increases of 27.9% and 1,936.2%, respectively, compared to the same period last year. The company achieved an operating margin of 10.6%.
Breaking down the operating profit by business segment, the shipbuilding division recorded 355.4 billion won, the engine and machinery division posted 141.8 billion won, and the offshore plant division achieved 8.5 billion won. All three divisions saw significant increases in performance compared to both the previous quarter and the same period last year. In particular, the shipbuilding division’s operating profit rose by 345.4% compared to last year’s 257.3 billion won. The company attributed this to increased productivity and the early recognition of sales from high-priced vessels. Additionally, the company cited the effects of a higher exchange rate and cost reduction measures.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
