SEOUL — Korea Aerospace Industries Ltd. (KAI), South Korea's premier aircraft manufacturer, reported a significant increase in its second-quarter net profits, attributing the success to a surge in overseas orders.
According to Yonhap News Agency, the company's net profit for the April-June period reached 55.4 billion won (US$40.1 million), more than quintupling from 9.9 billion won a year earlier. The operating profit also saw a substantial rise, more than eight times the previous year, reaching 74.3 billion won. Additionally, sales rose by 21.6 percent to 891.8 billion won. These figures surpassed market expectations, with analysts previously estimating a net profit of around 41.6 billion won, as per Yonhap Infomax data.
KAI attributed its impressive performance to the acquisition of orders worth 2.85 trillion won during the quarter, which is over ten times the orders secured in the same period last year. Notable contracts include the mass production of South Korea's KF-21 indigenous fighter jets and a significant agreement with Brazilian firm Eve Air Mobility for the supply of electric vertical take-off and landing vehicles. KAI CEO Kang Goo-young emphasized the company's strategy to invest in future businesses and expand globally to drive its next phase of growth.