 |
| ▲ The logo of HD Hyundai (Yonhap) |
(LEAD) HD Hyundai-Q3 earnings
(LEAD) HD Hyundai net profit spikes more than 11-fold in Q3
SEOUL, Oct. 27 (Yonhap) -- South Korean shipbuilding, oil refining and machinery conglomerate HD Hyundai said Thursday its third-quarter earnings shot up more than 11-fold on-year as all its subsidiaries were profitable.
Consolidated net income stood at 688.6 billion won (US$484.7 million) for the July-September period, up from 59.3 billion won from a year earlier, HD Hyundai said in a regulatory filing.
Sales spiked 137.5 percent to 17.289 trillion won, with its operating income surging 255.2 percent to 1.07 trillion won.
The group's operating profit surpassed the 1 trillion-won mark for the second consecutive quarter.
HD Hyundai, formerly Hyundai Heavy Industries Holdings, said all its units in the shipbuilding, energy and construction equipment sectors turned a profit despite external negatives such as high inflation, interest rate hikes and the prolonged war in Ukraine.
Korea Shipbuilding & Offshore Engineering Co. (KSOE), HD Hyundai's flagship shipbuilding subholding company, saw its third-quarter sales gaining 19.9 percent on-year to 4.26 trillion won, with operating income jumping 33.2 percent to 188.8 billion won.
KSOE, the world's No. 1 shipbuilder, has three units under its wing -- Hyundai Heavy Industries Co., Hyundai Mipo Dockyard Co. and Hyundai Samho Heavy Industries Co.
Major local refiner Hyundai Oilbank Co. said its third-quarter top line soared 98.5 percent on-year to 10.28 trillion won, with its operating income rocketing 305.6 percent to 702.2 billion won.
Other subsidiaries, including construction equipment maker Hyundai Genuine, also earned money, contributing to HD Hyundai's stellar performance for the third quarter.
A group official said the conglomerate will try to keep up its solid performance down the road by focusing on profitability and the development of eco-friendly technologies.
(END)
(C) Yonhap News Agency. All Rights Reserved
