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[Alpha Biz=(Chicago) Reporter Paul Lee] HD Hyundai Electric, an affiliate of HD Hyundai's power equipment and energy solutions, announced in a public announcement that it recorded sales of 694.4 billion won and operating profit of 85.4 billion won in the third quarter of 2023. Compared to the same quarter last year, sales and operating profit increased by 29.8% and 125.9%.
HD Hyundai Electric explained that since the boom in the power equipment market began in earnest, orders were reflected in its performance and achieved its biggest quarterly operating profit. In particular, power transformers improved significantly based on strong markets in North America and the Middle East, driving their performance.
Orders in the third quarter continued to be good at $ 677 million, while order backlogs filled $ 3.967 billion, up 43.2 percent from a year earlier. As a result, the annual cumulative order by the third quarter is $ 2.7 billion, and it is expected to reach the target annual order of $ 3.186 billion, which was raised in July, by the end of the year.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
