SEOUL - HD Hyundai Electric Co. announced a significant increase in its first-quarter net profits, which rose to 93.4 billion won (US$67.8 million), marking a 224.3 percent increase from the previous year. This performance surpassed market expectations and reflects a robust improvement in the company’s financial health.
According to Yonhap News Agency, HD Hyundai Electric also posted an operating profit of 128.8 billion won for the quarter, a substantial rise from 46.3 billion won a year earlier. The company’s revenue increased by 40.9 percent to 801 billion won. These results exceeded analyst forecasts, which had anticipated a net profit of 56.9 billion won, as per a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency.