Hyosung Heavy Industries(298040) said in a filing on the 31st that its second-quarter operating profit on a consolidation basis was tentatively tallied at 264.287 billion won, up 60.89% from a year earlier. Operating profit was the highest ever on a quarterly basis.
Revenue for the same period rose 10.60% to 1.686978 trillion won, and net profit came to 171.741 billion won, up 96.61%.
A Hyosung Heavy Industries official said, "We posted strong results as sales increased in the highly profitable U.S. market," and added, "Backlog of high-margin U.S.-bound orders is growing, so medium- to long-term margins are also expected to improve."
It noted that once the plant of the ultra-high-voltage circuit breaker production subsidiary, jointly established with the largest U.S. power and energy infrastructure EPC corporations, comes online, it is expected to contribute to performance improvement going forward.
Hyosung Heavy Industries' second-quarter new orders came to 3.3242 trillion won. Cumulative orders in the first half totaled 7.4981 trillion won.