HJ Shipbuilding & Construction reported a sharp increase in first-quarter earnings as revenue from high-value vessel construction boosted profitability.
The company posted consolidated revenue of KRW 541.4 billion in the first quarter, up 32% year-on-year.
Operating profit surged 347% to KRW 24.6 billion, compared with KRW 5.5 billion in the same period last year.
Net profit also climbed 355% to KRW 25.5 billion.
HJSC said the strong performance was mainly driven by its shipbuilding division, where construction of eco-friendly and high-value-added containerships contributed significantly to revenue growth.
Shipbuilding revenue increased 70% year-on-year to KRW 268.6 billion.
The construction division also remained profitable despite higher raw material prices and rising labor costs.
HJSC said its focus on eco-friendly vessels, selective order intake and improved cost management supported profitability during the quarter.
The company plans to continue its “quality growth” strategy through high-margin shipbuilding and infrastructure projects.
Its current orderbook includes advanced naval patrol vessels, a chemical response vessel for the Korea Coast Guard, US Navy MRO projects and four 10,100-TEU containerships secured earlier this year.
“As the share of revenue from high-margin projects centered on eco-friendly and high-value-added vessels continues to grow, operating profit increased significantly,” an HJSC official said.
