HD Hyundai Heavy Industries swings to profits in Q1

HD Hyundai Heavy Industries-Q1 earnings

HD Hyundai Heavy Industries swings to profits in Q1

SEOUL, April 27 (Yonhap) -- HD Hyundai Heavy Industries Co. on Thursday reported its first-quarter net income of 50.2 billion won (US$37.5 million), swinging from a loss of 175.9 billion won a year earlier.

Operating income for the January-March period was 36.1 billion, compared with a loss of 217.4 billion won a year ago, the company said in a regulatory filing. Sales rose 31.5 percent to 2.63 trillion won.

The operating profit was 42.2 percent lower than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. The estimate of net profit was not available.

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