Home > Business > Industry

HD KSOE buoyed by net profit of $128 million in Q3

Published: 31 Oct. 2024, 18:51

LEE JAE-LIM
[email protected]

HD Hyundai's office building in Pangyo, Gyeonggi [HD HYUNDAI]

HD Korea Shipbuilding & Offshore Engineering (HD KSOE) logged net profit of 176.4 billion won ($128 million) in the third quarter, down 49 percent compared to the year before.

The company said in a regulatory filing that it posted 398.4 billion won in operating profit for the quarter, compared with 69 billion won a year ago. Revenue rose 24.6 percent to 6.24 trillion won.

HD KSOE, a subholding company of shipbuilding, oil refining and machinery conglomerate HD Hyundai, has three domestic units under its wing — HD Hyundai Heavy Industries, HD Hyundai Mipo and HD Hyundai Samho.

HD Hyundai Heavy Industries logged net income of 72.2 billion won, shifting from a loss of 9.8 billion won a year earlier.

Its operating profit rose 1,497.7 percent on-year to 206.1 billion won. Sales increased 26.5 percent to 3.6 trillion won.

Operating profit was 13.4 percent higher than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. The estimate for net profit was not available.

HD Hyundai Mipo reported 2.6 billion won in net profit, down 73.2 percent from a year earlier.

Operating profit was 35.2 billion, compared to a loss of 7.8 billion won a year ago. Revenue rose 8.4 percent to 1.07 trillion won.

Operating profit was 48.8 percent higher than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. The estimate for net profit was not available.

BY LEE JAE-LIM, YONHAP [[email protected],kr]