Two South Korean companies under the HD Hyundai Group, Hyundai Infracore and Hyundai Electric, have reported strong earnings for the first quarter, attributed to robust demand in North America.

Hyundai Electric, a power transformer manufacturer, posted an operating profit of KRW 46.3bn ($34.78m) in the first quarter on sales of KRW 568.6bn, up 177.2% and 61.6% respectively compared to the same period last year. The company's strong performance was driven by increased demand for power equipment in North America and expanded infrastructure investment in the Middle East.

Meanwhile, Hyundai Infracore, which produces construction machinery such as excavators and wheel loaders, posted an operating profit of KRW 152.6bn in the first quarter, up 45.5% from a year ago, on sales of KRW 1.29tn, up 11.6%. The company's performance was largely driven by markets outside of China. Both companies are expected to maintain their strong momentum in the second quarter, with Hyundai Electric raising its annual order target to $2.63bn from $1.95bn and Hyundai Infracore estimated to achieve an operating profit of KRW 122.1bn in the second quarter, up 41% from the same period a year ago, on sales of KRW 1.31tn, up 10%.

Source: pulsenews.co.kr