HD Hyundai said on Wednestday that it recorded revenue of 22.08 trillion won and operating profit of 2.9197 trillion won on a consolidated basis for the third quarter of this year. Revenue increased by 21.2% and operating profit rose by 71.5% compared to the same period last year.
An HD Hyundai official said, "Despite a reduction in working days and exchange rate fluctuations, major businesses such as shipbuilding, construction machinery, and energy supported performance."
HD Hyundai Heavy Industries, which handles the shipbuilding and marine division, recorded revenue of 8.2862 trillion won and operating profit of 1.4472 trillion won.
As profitability in the shipbuilding sector improved due to enhanced productivity and rising vessel prices, strong performance in the engine machinery and offshore plant businesses was added.
HD Hyundai Marine Solutions posted revenue of 650.1 billion won and operating profit of 95.7 billion won. These figures increased by 26.7% and 2.2%, respectively, compared to the same period last year.
Despite one-time costs related to mergers and acquisitions (M&A), core businesses such as the ship aftermarket (AM) grew. The company plans to strengthen the global competitiveness of its AM business through the acquisition of Goltens.
Hyundai Site Solutions, in the construction machinery division, also continued its trend of improved performance. Revenue increased by 6% to 2.1756 trillion won, and operating profit rose by 39.8% to 200.2 billion won.
This was the result of recovering global demand for construction machinery and growth in the industrial and generator engine business. The company also plans to expand production capacity for power generation engines through the completion of its new Gunsan engine plant.
It recorded revenue of 10.043 trillion won and operating profit of 900.9 billion won. Although refining margins narrowed due to falling international oil prices and petroleum product prices, the refining and lubricant base oil businesses supported profitability. The petrochemical business turned to a deficit due to narrowing product spreads caused by global oversupply.
HD Hyundai Electric, which handles the power equipment business, recorded revenue of 1.1799 trillion won and operating profit of 284.5 billion won.
These figures increased by 18.5% and 15.1%, respectively, compared to the same period last year. The company continued its growth trend as revenue increased across all business segments. It is targeting the global power infrastructure market by leveraging its packaging capabilities to supply both power equipment and distribution equipment together.
An HD Hyundai official stated, "We have maintained solid profitability in major business segments such as shipbuilding, construction machinery, and energy," adding, "Going forward, we will continue a stable growth trend through productivity improvements and strengthening business competitiveness."
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