IPARK Hyundai Development Q3 operating profit up 127% to 165.8 billion won
In short
IPARK Hyundai Development (IPARK현대산업개발) said its third-quarter consolidated operating profit rose 127.1% from a year earlier to a provisional 165.8 billion won. Revenue was 1.0821 trillion won, up 2.8%. It is the first quarterly operating profit above 160 billion won since the fourth quarter of 2020, according to the outlets.
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IPARK Hyundai Development (IPARK현대산업개발) said on 22 October that its third-quarter consolidated operating profit was a provisional 165.8 billion won, up 127.1% from the same period a year earlier. Yonhap reported that the company disclosed the figure, and the Chosun Ilbo said the same. [ 1 , 3 , 4 ]
Newsis reported quarterly revenue of 1.0821 trillion won and an operating margin of 15.3%. The Chosun Ilbo gave the same revenue figure and said it was 2.8% higher than a year earlier. Yonhap and the Chosun Ilbo said net income rose 179.2%; Yonhap put it at 111.3 billion won and the Chosun Ilbo at 111.2 billion won. [ 1 , 2 , 3 ]
All three outlets that gave the detail said quarterly operating profit above 160 billion won was last recorded in the fourth quarter of 2020, about six years ago. They also said the 15.3% margin was the third consecutive quarter in double digits. Newsis added that the second quarter had revenue of 914.6 billion won and operating profit of 122.7 billion won, so that revenue rose 18.3% and operating profit 35.1% from the second quarter to the third. [ 1 , 2 , 3 ]
The outlets described the cause as progress at its key site, Seoul One IPARK, and improved cost ratios at sites including Cheonan IPARK City and Paju Unjeong IPARK Forest. Newsis said the latter two are outsourced-housing sites and that revenue and profit recognition held firm as work at Seoul One IPARK advanced. The Chosun Ilbo's summary said results in the company's own business led to the improvement. [ 1 , 2 , 3 , 4 ]
The company said construction has started on key projects including Cheongju Gagyeong IPARK complexes 7 and 8. It said large projects such as the Bokjeong Station area development and the Jamsil sports and MICE complex private investment project are also under way, and Newsis reported they are proceeding without setbacks. [ 1 , 2 , 3 ]
A company representative said: "We will firmly build a virtuous cycle of value-up so that the improvement in results leads to stronger financial soundness and higher shareholder value." [ 1 , 2 , 3 ]
Why it matters
The figures are provisional results disclosed by the company, so they show how its earnings stand but not final audited numbers. The documents link the improvement to progress at its main project sites and better cost ratios, and the company said it wants to turn this into stronger financial health and shareholder value.
Key facts
- Consolidated third-quarter operating profit was a provisional 165.8 billion won, up 127.1% from a year earlier, the company disclosed on 22 October. [ 1 , 2 , 3 , 4 ]
- Revenue for the quarter was 1.0821 trillion won, up 2.8% from a year earlier. [ 2 , 3 , 4 ]
- Operating margin was 15.3%, the third straight quarter in double digits. [ 1 , 2 , 3 ]
- Quarterly operating profit topped 160 billion won for the first time since the fourth quarter of 2020, about six years. [ 1 , 2 , 3 ]
- Compared with the second quarter, revenue rose 18.3% and operating profit rose 35.1%; the second quarter had revenue of 914.6 billion won and operating profit of 122.7 billion won. [ 2 ]
- Net income rose 179.2% from a year earlier. [ 1 , 3 ]
Confirmed by several sources
- Third-quarter consolidated operating profit was a provisional 165.8 billion won, up 127.1% from a year earlier. [ 1 , 2 , 3 , 4 ]
- Revenue was 1.0821 trillion won, up 2.8% from a year earlier. [ 2 , 3 , 4 ]
- Operating margin of 15.3% was the third consecutive quarter in double digits. [ 1 , 2 , 3 ]
- It was the first quarterly operating profit above 160 billion won since the fourth quarter of 2020. [ 1 , 2 , 3 ]
- The company attributed the improvement to progress at Seoul One IPARK and better cost ratios at sites including Cheonan IPARK City and Paju Unjeong IPARK Forest. [ 1 , 2 , 3 ]
Still unclear
- Net income figure: one outlet gives 111.3 billion won, another 111.2 billion won. Yonhap reported 1,113 hundred-million won while the Chosun Ilbo article gave 1,112; both cite a 179.2% rise, and the documents do not explain the difference.
- What drove the improvement beyond the company's explanation. The Chosun Ilbo summary cites strong results in the company's own business, while Newsis cites outsourced-housing sites for the cost-ratio gains; the documents do not reconcile these.