Seoul: HD Hyundai Co., the holding company of South Korea's leading shipbuilding conglomerate, reported a substantial increase in its second-quarter net income, which rose over fivefold compared to the same period last year. This surge was primarily attributed to the performance of its high-margin vessels and the construction equipment sector.

According to Yonhap News Agency, HD Hyundai's net profit for the April-June period reached 3.17 trillion won (US$2.2 billion), marking a 550.2 percent increase from the previous year. The company's operating income also saw a significant rise of 262.2 percent year-on-year, totaling 4.12 trillion won, while sales climbed 30.2 percent to reach 22.4 trillion won.

The remarkable financial results were largely driven by HD Korea Shipbuilding and Offshore Engineering Co., the company's shipbuilding subsidiary, which experienced a 72.5 percent rise in operating profit compared to the previous year. The company's success in this sector was credited to enhanced productivity and increased sales of high-margin vessels.

Furthermore, HD Hyundai XiteSolution, the intermediate holding entity for the group's construction machinery and industrial equipment sector, played a key role in the impressive earnings. The firm's operating profit surged 79.6 percent year-on-year, benefiting from favorable global market conditions.

For the first half of the year, HD Hyundai's total sales amounted to 42 trillion won, reflecting a 22.5 percent increase from the preceding year. The group's operating profit for the same period stood at 6.96 trillion won, up 187 percent, underscoring the robust performance across its business sectors.