IPARK Hyundai Development Company said on the 27th that on a consolidation basis, operating profit for the first quarter (Jan.–Mar.) was tentatively tallied at 80.141 billion won, up 48.4% from a year earlier. Revenue fell 25.6% to 673.945 billion won, and net profit also decreased 9.0% to 49.293 billion won.
Hyundai Development Company said operating profit rose sharply as its portfolio advanced around major self-developed projects such as Seoul One IPARK and prime project sites.
The operating margin was 11.9%, climbing into double digits for the first time in about five years since the second quarter of 2021.
On the sales decline, the company said, "Because of winter season characteristics, the number of construction days and progress rates are low, and with major sites completed at the end of the previous year, the top line temporarily decreased," adding, "This year, as work at large-scale project sites such as Seoul One IPARK, Cheonan IPARK City, and Unjeong IPARK Forest gets into full swing, we will achieve an annual sales outlook of 4.2336 trillion won."
It added, "Even amid external uncertainties such as rising oil prices and supply-demand instability, we are continuing solid earnings growth through thorough profit-and-loss management and selective orders centered on prime project sites," and "Qualitative growth focused on profitability will cement market trust and become a key driver that raises the company's future value."