May 02, 2024

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[THE INVESTOR] Hyundai Oilbank, a refinery affiliate of Hyundai Heavy Industries disclosed on July 27 that its consolidated operating profit for the first half of the year came to record high of 524.8 billion won (US$461.97 million).

The company has now recorded operating profits for the 16th consecutive quarter. Its second quarter revenues came to 2.81 trillion won, and operating profits came in at 323 billion won. 

With second-quarter operating profits rising 37.9 percent compared to the same period last year, Hyundai Oilbank’s first-half operating profits soared above the previous six-month record of 497.6 billion won set in the first half of 2008. The company’s second-quarter sales, however, dropped 14.3 percent from a year ago due to low international oil prices.

Compared to the previous quarter, Hyundai Oilbank’s latest sales and operating profits rose 11.1 percent and 60 percent, respectively.

By Choi He-suk (cheesuk@heraldcorp.com)