IPARK Hyundai Industrial Development reported an operating profit of 165.8 billion won for the third quarter of this year, continuing its trend of improved performance.
The quarterly operating profit surpassed 160 billion won for the first time in nearly six years, driven by the ramp-up of key projects and cost efficiency improvements.
On October 22, IPARK Hyundai Industrial Development announced that its consolidated operating profit for the third quarter was provisionally recorded at 165.8 billion won, a 127.1% increase compared to the same period last year. This marks the first time since the fourth quarter of 2020 that quarterly operating profit exceeded 160 billion won.
During the same period, revenue reached 1.08 trillion won, up 2.8% year-on-year. Net profit for the quarter was 111.3 billion won, reflecting a 179.2% increase. The operating profit margin stood at 15.3%, maintaining double digits for three consecutive quarters.
Compared to the previous quarter, the improvement in performance was notable. Third-quarter revenue increased by 18.3% from the second quarter's 914.6 billion won, while operating profit rose from 122.7 billion won to 165.8 billion won, a 35.1% increase. Net profit also grew from 83.7 billion won to 111.3 billion won, a 32.9% rise.
The cumulative performance for the year also shows a trend of improving profitability. For the first three quarters, cumulative revenue was 2.67 trillion won, down 14.5% from 3.12 trillion won in the same period last year. However, cumulative operating profit increased by 77.9% to 368.6 billion won, while cumulative net profit rose by 66.5% to 244.3 billion won. Although revenue decreased, both operating and net profits increased.
This improvement in performance is attributed to the expansion of key in-house projects and cost efficiency enhancements. The construction of the Seoul One IPARK has gained momentum, and profitability has improved at major sites such as Cheonan IPARK City and Paju Unjeong IPARK Forest, supporting the increase in operating profit.
New projects are also underway. IPARK Hyundai Industrial Development is progressing with the construction of major sites such as Cheongju Gagyeong IPARK Complex 7 & 8, as well as large-scale projects like the Bokjeong Station Development Project and the Jamsil Sports & MICE Complex.
An IPARK Hyundai Industrial Development official stated, "We will continue to establish a virtuous cycle of value creation that leads to improved financial soundness and enhanced shareholder value."
* This article has been translated by AI.
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