Seoul, Jan 20 (IANS) HD Hyundai Electric, a South Korean electrical equipment maker, said on Monday its fourth-quarter net profit fell 10.9 per cent from a year earlier due to one-off costs.
Net profit for the three months ended on December 31 fell to 123.9 billion won ($85 million) from 139 billion won in the year-ago period, the company said in a regulatory filing, reports Yonhap news agency.
“In the fourth quarter of last year, one-off expenses, which are not related to operations, were reflected in the bottom line,” a company spokesperson said over the phone. The company didn’t elaborate on the costs.
But operating profit jumped 33.4 per cent to 166.3 billion won in the December quarter from 124.7 billion won a year ago. Sales were up 2.3 percent to 815.7 billion won from 797.3 billion won during the same period.
“The quarterly operating profit got a boost from increased transformer orders in the United States, which is increasing investments in electrical infrastructure and data centres,” the company said in a press release.
For the whole of 2024, net income soared 90.8 per cent to 495.1 billion won from 259.5 billion won the previous year.
Operating profit more than doubled to 669 billion won from 315.2 billion won over the cited period, with sales rising 22.9 per cent on-year to 3.32 trillion won from 2.70 trillion won.
In 2024, the company obtained $3.81 billion worth of orders, exceeding its order target of $3.74 billion.
This year, it aims to win $3.82 billion worth of orders and 3.89 trillion won in sales.
To preemptively respond to a rising demand for its ultra-high pressure transformers, the company will invest a total of 396.8 billion won in its production facilities — 211.8 billion won in its domestic plant in Ulsan, 305 kilometers southeast of Seoul, and 185 billion won in its U.S. plant in Alabama, the release said.
The company has another domestic plant that produces medium-low pressure circuit breakers.