Seoul: HD Hyundai Electric Co. on Tuesday announced a significant rise in its first-quarter net income, reaching 153.4 billion won (US$107.9 million), marking a 64.2 percent increase compared to the same period last year. This growth was part of a broader financial performance improvement for the company in the January-March period.
According to Yonhap News Agency, HD Hyundai Electric also recorded an operating profit of 218.2 billion won for the quarter, reflecting a 69.4 percent increase year-on-year. The company's sales also experienced a boost, rising 26.7 percent to 1.01 trillion won. Despite these positive results, the company's earnings fell slightly short of market expectations. Analysts had projected a net profit of 157.2 billion won, based on a survey conducted by Yonhap Infomax, the financial data subsidiary of Yonhap News Agency.