HD现代海洋解决方案Q3营收创历史新高6501亿韩元，但净利润同比骤降59%至326亿韩元，汇率损失与利润率压缩

HD Hyundai Marine Solution (443060.KS) posted its highest quarterly revenue on record in the third quarter, driven by steady growth in its aftermarket solutions business, which handles ship maintenance and repair. Net profit fell sharply, however, as foreign exchange losses mounted.
Third-quarter revenue rose 26.7% from a year earlier to 650.1 billion won ($455 million) on a consolidated basis, the company said on the 26th in preliminary results. Revenue was also up 12.0% from the previous quarter. Operating profit came to 95.7 billion won, up 2.2% year-on-year but down 1.9% from the prior quarter. For the first three quarters combined, the company reported revenue of 1.8051 trillion won, operating profit of 286.7 billion won and net profit of 213.7 billion won.
By segment, growth was most pronounced in bunkering, the ship fuel supply business. Third-quarter bunkering revenue reached 293.6 billion won, up 38.5% from a year earlier and 31.2% from the previous quarter. The company said revenue had declined in the second quarter because of supply disruptions originating in the Middle East, then recovered in the third quarter as supply normalized and international oil prices strengthened. Excluding bunkering, core business revenue rose 18.4% year-on-year to 356.5 billion won. Within that, aftermarket solutions brought in 282.7 billion won, a record for a seventh consecutive quarter. Revenue from the onshore power generation project in Ecuador held at the previous quarter's level while sales of ship components increased. Eco-friendly solutions revenue rose 17.3% from a year earlier to 39.3 billion won, but fell 13.2% from the previous quarter as construction schedules for major projects were concentrated in the fourth quarter. Digital solutions revenue slipped 5.2% from the prior quarter to 34.5 billion won, though it grew 48.1% from a year earlier.
Profitability softened even as revenue climbed. The operating profit margin narrowed to 14.7% from 18.2% a year earlier and 16.8% in the previous quarter. The company said the margin at its aftermarket solutions unit declined because of the stronger won and one-off costs tied to mergers and acquisitions. Eco-friendly solutions, by contrast, saw operating profit rise as it booked construction revenue carrying relatively higher margins than in the previous quarter, while digital solutions profit improved against a low base created by one-off costs in the second quarter.
Foreign exchange losses of 58.9 billion won were the main drag, swinging non-operating income to a loss of 55.0 billion won from a gain of 11.3 billion won in the previous quarter. Third-quarter net profit fell 59.1% from a year earlier and 60.7% from the prior quarter to 32.6 billion won.
The company stressed that its foundation for future growth continues to broaden. As of the end of the third quarter, the cumulative number of vessels generating aftermarket solutions revenue, excluding bunkering vessels, stood at 10,376, up from 9,881 at the end of last year. Cumulative orders for long-term service agreements totaled $765 million, with an order backlog of $586 million. The order backlog in the digital control business also rose from the end of the previous quarter to 271.7 billion won. The company is working to complete its acquisition of Goltens within the year and plans to begin post-merger integration during the fourth quarter. The purchase price can be covered with cash on hand, so no additional borrowing is planned. Separately, the company set November 10 as the record date for a third-quarter dividend of 900 won per share, to be paid on the 24th of the same month.