Seoul: HD Hyundai Electric Co., a leading South Korean electric equipment manufacturer, announced a significant increase in its third-quarter net profit, which surged by 63.9 percent compared to the same period last year. This impressive growth was attributed to a rise in shipments of electric equipment, particularly in major overseas markets.
According to Yonhap News Agency, HD Hyundai Electric reported a net profit of 191.1 billion won (approximately US$132.7 million) for the three months ending in September, up from 116.9 billion won in the previous year. The company highlighted that the increased sales of transformers and high-voltage circuit breakers in regions such as Europe and the United States significantly contributed to this quarterly profit boost.
The company's operating profit also saw a substantial rise, increasing by 50.9 percent to 247.1 billion won in the July-September period, compared to 163.8 billion won a year earlier. Additionally, sales soared by 26.2 percent, reaching 995.4 billion won from 788.7 billion won during the same timeframe.
HD Hyundai Electric has expressed its intention to capitalize on the growing investments in infrastructure projects related to renewable energy development and data centers, spurred by the booming artificial intelligence industry. The company aims to secure new deals in these sectors, anticipating continued growth.
For the first nine months of the year, the company recorded a 31.1 percent increase in net income, amounting to 486.5 billion won. Operating profit during the same period grew by 34.1 percent to 674.4 billion won, while sales improved by 16.3 percent, totaling 2.92 trillion won.