Hyosung Heavy Industries (298040.KS) reported first-quarter revenue of 1.36 trillion won ($1 billion) and operating profit of 152.3 billion won ($112 million), the company said in a regulatory filing Thursday.
Revenue rose 26.2% and operating profit climbed 48.8% from the same period a year earlier.
The company secured new orders worth 4.17 trillion won in the first quarter, far exceeding market expectations and marking a quarterly record.
The strong performance was driven by a 787 billion won order in February for 765-kilovolt ultra-high-voltage transformers, the largest single order ever for a domestic power equipment maker, along with a jackpot win in high-margin U.S. power transmission projects.
Hyosung Heavy Industries' order backlog has reached 15.1 trillion won.
The company expects the pace of earnings improvement to accelerate as revenue from high-margin orders begins to be recognized in earnest. Its construction division also delivered improved results through strengthened risk management, including minimizing one-off costs.
"We will continue to enhance profitability through strict selective order intake and securing quality projects," a Hyosung Heavy Industries official said.
