Seoul: Hanon Systems on Friday announced a notable turnaround in its financial performance, posting a second-quarter net profit of 86.1 billion won (US$59.8 million). This marks a significant improvement from the 15.1 billion won loss reported during the same period last year.

According to Yonhap News Agency, the automotive thermal solutions provider achieved an operating profit of 103.7 billion won for the April-June period, reflecting a 61.2 percent increase from the previous year. The company also saw a slight revenue increase of 0.6 percent, reaching 2.87 trillion won.

The reported earnings surpassed market expectations, as analysts had projected an average net profit of 59.8 billion won based on a survey conducted by Yonhap Infomax, the financial data division of Yonhap News Agency.