Hyundai Heavy Industries posts 900 bln won profits for First Half of 2016
Hyundai Heavy Industries (HHI) issued a public disclosure of its 2Q 2016 consolidated earnings today. According to a regulatory filing, during April-June period HHI racked up 9.8627 trillion Korean won in sales while operating income stood at 557.2 billion won, bringing accumulated sales and operating profits for the first half of this year to 20.1355 trillion won and 882.4 billion won respectively.
HHI attributes operating profits for two consecutive quarters to a series of drastic and comprehensive restructuring measures put in place since 2014 by the incumbent top management, and strong performances of Hyundai Oilbank, its refining subsidiary.
Today, HHI also held a board of directors meeting and decided to sell Hyundai Finance Corporation and Hyundai Venture Investment Corporation as a part of the proposed management improvement plan. With the decision to dispose of all of its financial arms including Hyundai Futures, Hi Asset Management and Hi Investment & Securities, HHI will accelerate its business reorganization efforts with much more focus on its core businesses.