Seoul:HD Hyundai Co., the holding company of South Korea's prominent shipbuilding conglomerate, announced a significant rise in its third-quarter net profit, which surged 40% from the previous year. This increase is attributed to strong performances across its various business sectors, namely shipbuilding, machinery, and energy.
According to Yonhap News Agency, the company's net profit for the July-September period amounted to 1.38 trillion won (approximately US$1 billion), a substantial increase from 986.9 billion won recorded the previous year. This was reported in a regulatory filing based on consolidated earnings.
The company reported a 71.5% year-on-year increase in operating profit, reaching 2.91 trillion won. Additionally, revenue rose by 21.2%, totaling 22.08 trillion won for the quarter. The shipbuilding and marine engineering sector, represented by HD Korea Shipbuilding & Offshore Engineering Co., experienced a 9.3% rise in sales to 8.28 trillion won, with operating profit climbing 37.3% to 1.44 trillion won. This growth was driven by high demand for premium vessels and enhanced profitability.
In the construction equipment and industrial machinery sector, HD Hyundai XiteSolution Co. reported sales of 2.17 trillion won, with an operating profit of 200.2 billion won. This performance was bolstered by strong demand for industrial and power-generation engines. Meanwhile, in the energy sector, HD Hyundai Oilbank Co. achieved sales of 10.43 trillion won and an operating profit of 900.9 billion won. These results were influenced by fluctuations in refining margins and market conditions amid ongoing geopolitical tensions in the Middle East.