HD Hyundai Q3 net profit up 40% to $1 bil.
Ammonia carrier 'Terra Clove', built by HD Hyundai, can be seen in this photo released Thursday. Courtesy of HD Hyundai Heavy Industries
HD Hyundai, the holding company of Korea's leading shipbuilding conglomerate, said Wednesday its third-quarter net profit jumped 40 percent from a year earlier, driven by strong performances across its shipbuilding, machinery and energy businesses.
Net profit for the July-September period came to 1.38 trillion won ($1 bil.), up from 986.9 billion won a year earlier, the company said in a regulatory filing based on consolidated earnings.
Operating profit for the July-September period surged 71.5 percent on-year to 2.91 trillion won, while revenue rose 21.2 percent to 22.08 trillion won.
In the shipbuilding and marine engineering sector, HD Korea Shipbuilding & Offshore Engineering, the group's shipbuilding subholding company, reported a 9.3 percent increase in sales to 8.28 trillion won and a 37.3 percent rise in operating profit to 1.44 trillion won, supported by robust demand for high-value vessels and improved profitability.
In the construction equipment and industrial machinery sector, HD Hyundai XiteSolution posted sales of 2.17 trillion won and operating profit of 200.2 billion won, supported by solid demand for industrial and power-generation engines.
In the energy sector, HD Hyundai Oilbank reported sales of 10.43 trillion won and operating profit of 900.9 billion won, amid changes in refining margins and market conditions linked to prolonged geopolitical tensions in the Middle East.