HD Korea Shipbuilding & Offshore Engineering Co. (HD KSOE) reported a dramatic increase in net income for the first quarter of the year, more than tripling from the same period last year. This significant growth is attributed to strong demand for high-value vessels and increased sales, showcasing the company’s solid performance in the shipbuilding sector.
Surge in Net Profit and Operating Income
HD KSOE’s net profit for the January-March period reached 611.6 billion won (US$427.8 million), a more than threefold increase compared to 193.3 billion won a year ago. Operating income also saw a remarkable surge of 436.3%, hitting 859.2 billion won, reflecting the company’s robust earnings growth.
Strong Performance Across Shipbuilding and Offshore Divisions
The shipbuilding sector saw a 22.6% year-on-year increase in sales, totaling 5.8 trillion won. Operating profits in this division tripled to 781.4 billion won, driven by rising demand for premium vessels. The offshore plant division experienced an impressive 43.8% sales increase, contributing to HD KSOE’s strong overall performance.
Growth in Engine-Machinery Segment
Sales in the engine-machinery segment grew by 48.7%, reaching 667.2 billion won, while operating profit surged by 103.3%, reaching 154.3 billion won. These results highlight the expanding scope and productivity of HD KSOE’s machinery business, further bolstering the company’s overall earnings.
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Source: YONHAP NEWS
