Automotive thermal management solutions provider Hanon Systems has reported improved performance in the second quarter, driven by increased sales of electrification components in Europe.
On July 31, Hanon Systems announced that its consolidated operating profit for the second quarter reached 103.7 billion won, a 61.2% increase compared to the same period last year. Revenue rose by 0.6% to 2.8752 trillion won, while net profit turned positive at 86.1 billion won.
The performance improvement is attributed to a combination of favorable exchange rates, expanded supply of electrification components primarily to European automakers, and operational efficiencies resulting from global restructuring. The electrification segment accounted for 31% of total sales, bolstered by increased volumes in Europe.
Lee Soo-il, CEO of Hanon Systems, stated, "Despite global cost pressures, we have laid the groundwork for performance recovery through company-wide operational efficiencies and structural improvements. We will actively pursue various new businesses based on our automotive thermal management technology to ensure sustainable growth."
* This article has been translated by AI.
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