HDC Hyundai Engineering Plastics posts higher net income as sales rise

HDC Hyundai Engineering Plastics said Tuesday its second-quarter net income rose 22.5 percent from a year earlier to 8.05 billion won ($5.63 million).

Revenue for the three months ended June 30 climbed 16.6 percent to 301 billion won ($211 million), while operating profit dipped 4.6 percent to 12.8 billion won ($8.97 million).

For the first half of the year, cumulative revenue reached 556 billion won ($389 million), with operating profit totaling 20.6 billion won ($14.4 million) and net income hitting 12.6 billion won ($8.82 million).

Automotive interior and exterior materials remain the core of the business, accounting for 63.5 percent of consolidated sales in the first quarter through its polypropylene and polyethylene composite products. These items fall under the PO sector, one of three main divisions that also includes PS and EPS compounds and construction materials.

Domestic markets generated 55 percent of revenue in the early part of the year, with overseas shipments making up the remaining 45 percent.

The company is expanding its portfolio to include high-functionality polymer materials suitable for hydrogen and electric vehicles, alongside a broader range of eco-friendly plastic products.