Hyundai's strong financial performance first half of 2016

Hyundai Heavy Industries (HHI) has revealed a strong financial performance during the first half of 2016. Profits for the engineering firm reached US$792.754 million (900 billion South Korean Won) for the first half of 2016. The second quarter for the April-June period was healthy, with HHI achieving $8.68142 billion (9.8627 trillion Won) in sales, while operating income stood at $490.504 million (557.2 billion Won). Meanwhile accumulated sales hit $$17.7306 billion (20.1355 trillion Won) and operating pro
November 28, 2016 Read time: 2 mins
Hyundai Heavy Industries is seeing strong financial performance
236 Hyundai Heavy Industries (HHI) has revealed a strong financial performance during the first half of 2016. Profits for the engineering firm reached US$792.754 million (900 billion South Korean Won) for the first half of 2016.

The second quarter for the April-June period was healthy, with HHI achieving $8.68142 billion (9.8627 trillion Won) in sales, while operating income stood at $490.504 million (557.2 billion Won). Meanwhile accumulated sales hit $$17.7306 billion (20.1355 trillion Won) and operating profits for the first half of this year reached $777.01 million (882.4 billion Won).

HHI says that its strong operating profits in this period follows from restructuring measures put in place since 2014 as well as strong from its refining subsidiary.

Today, HHI also held a board of directors meeting and decided to sell Hyundai Finance Corporation and Hyundai Venture Investment Corporation as a part of the proposed management improvement plan. With the decision to dispose of all of its financial arms including Hyundai Futures, Hi Asset Management and Hi Investment & Securities, HHI will accelerate its business reorganisation efforts with much more focus on its core businesses.

For more information on companies in this article

Related Content

  • DEUTZ sees “encouraging” rise in net income for Q3
    November 14, 2016
    German engine manufacturer DEUTZ said it had a “very encouraging increase” in operating profit for the first three quarters of 2016. EBIT – earnings before interest and tax – stood at €19.7 million, significantly higher than the figure for the prior-year period of €10.6 million. DEUTZ said that this was due, in particular, to a decrease in depreciation and amortisation. Consequently, the EBIT margin almost doubled to reach 2.1%. Net income for the first nine months of 2016 was €18.8 million, compa
    Read More
  • US construction machine exports remain low
    September 1, 2016
    According to the US-based Association of Equipment Manufacturers (AEM), exports of machines from the US remain at a low level. The AEM’s analysis shows that exports of US-made construction equipment were down 24% overall at midyear 2016 compared to the first half of 2015. In all machines worth US$5.65 billion were shipped to global markets.
    Read More
  • Hyundai sells its first midi in the UK
    June 9, 2015
    Cumbria-based Hyundai dealer Taylor & Braithwaite has sold the first Hyundai R125LCR-9A in the UK to Stephen Smith Plant Hire, also based in the county of Cumbria. Stephen Smith is a one-man-one-machine operator who works all-around the Cumbrian region. This new weight class machine was first launched in 2014 at the Hillhead exhibition in the UK. Smith said he had to wait almost a year because the machine had not been available yet in the UK.
    Read More
  • Golden opportunities in the MINT - Mexico, Indonesia, Nigeria, Turkey
    May 21, 2015
    Mexico, Indonesia, Nigeria, Turkey – Global Report offers up some food for thought about where smart money might be headed within the next several years – David Arminas writes China’s rate of growth may be slowing down, but other South East Asian companies are being quick to offer alternate investment opportunities, notably Indonesia. Nigeria, too, has had issues with security of investment. But there are signs that the government may be getting serious at last about tightening up rules and regulation
    Read More

Highlighted Content