Seoul: Hyosung Heavy Industries Co. on Friday reported its second-quarter net income of 171.7 billion won (US$120.1 million), marking an increase of 96.6 percent from the previous year.
According to Yonhap News Agency, the total energy solution and industrial machinery company disclosed in a regulatory filing that it achieved an operating profit of 264.3 billion won for the quarter, up from 164.3 billion won in the same period last year. Revenue for the quarter saw a 10.6 percent increase, reaching 1.68 trillion won.
However, the company's earnings did not meet market expectations. Analysts had predicted a higher net profit average of 199.6 billion won, based on a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.