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 is bullish with strong performance
    April 27, 2017
    Deutz has announced promising preliminary results for the first quarter of 2017. The firm claims a successful start to the 2017 financial year, with a marked increase in new orders and revenue, as well as an improved operating profit. New orders hit €403.2 million, a 23.2% increase on the first three months of last year when the figure was €327.3 million. In addition, the performance represents a 23.6% gain over the fourth quarter of 2016 when the figure was €326.1 million. At 37,153 engines, unit sales wer
    Read More
  • Caterpillar’s strong financial performance for 2017
    January 26, 2018
    Caterpillar has announced strong fourth-quarter and full-year results for 2017. Sales and revenues in the fourth quarter of 2017 were US$12.9 billion, compared with $9.6 billion in the fourth quarter of 2016. Fourth-quarter 2017 loss was $2.18/share, compared with a loss of $2/share in the fourth quarter of 2016.
    Read More
  • Hyundai and Cummins joint ventures
    November 27, 2012
    Hyundai Heavy Industries (HHI) and Cummins are setting up a joint venture to produce engines in South Korea for the earthmoving equipment market. The two companies are investing US$33 million each into the project, which will be called Hyundai Cummins Engine Company and will have its factory located in Daegu. Production is scheduled to commence in 2014, with capacity reaching 50,000 engines/year once the facility is fully commissioned. This factory will provide HHI with a steady supply of high quality engi
    Read More
  • Wacker Neuson reports strong Q3 performance
    November 12, 2013
    Compact equipment manufacturer Wacker Neuson reports an upturn in its business in the third quarter of 2013. This comes despite the difficult economic climate. The firm’s revenue for the third quarter of 2013 was 8.6% higher than the same period in 2012 and reached €276.3 million, compared €254.5 million in the previous year. Taking into account currency fluctuations, this represents an increase of 13% according to the firm. “When viewed against negative trends in certain markets, we can be satisfied with t
    Read More

Highlighted Content