SEOUL—HD Hyundai Electric Co. announced a significant jump in its second-quarter net profit on Tuesday, with figures reaching 161.2 billion won (US$116.5 million), marking a 331 percent increase from the previous year.
According to Yonhap News Agency, the substantial rise in profits is accompanied by a 42.7 percent increase in revenue, which rose to 916.9 billion won. Operating profit also saw a significant rise, totaling 210 billion won compared to 58.8 billion won a year earlier. These results have surpassed market expectations, with the average net profit estimate by analysts previously standing at 94.5 billion won, as reported by Yonhap Infomax, the financial data firm of Yonhap News Agency.