HD Hyundai Heavy Industries' stock price rose during intraday trading on the 24th. This surge is attributed to news of a nearly 2,000% increase in operating profit for the first quarter compared to the previous year.
As of 2:10 p.m. that day, HD Hyundai Heavy Industries was trading at 379,000 won, up 12,000 won (3.27%) from the previous trading day.
After falling nearly 2% to 361,000 won in the early session, the stock price turned upward following the announcement of strong performance, rising to 382,500 won and setting a new high for the year.
HD Hyundai Heavy Industries announced that its consolidated operating profit for the first quarter of this year was 433.7 billion won, a 1,936.2% increase compared to the same period last year. This figure significantly exceeds the market forecast of 262.7 billion won.
Sales and net income for the same period increased by 27.9% and 893.7%, respectively, recording 3.8225 trillion won and 284.2 billion won.
Jung Yeon-sung, a researcher at NH Investment & Securities, noted that "the first quarter results were expected to be strong due to favorable exchange rates and increased engine sales," and added that "demand for liquefied natural gas (LNG) vessels and marine plant and ship engine orders will be key in the second half, with continued improvements in revenue expected."