Journalist
Shin Jia
fromjia@ajunews.com
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South Korea's GS Group posts strong 4Q profit, but full-year earnings slip SEOUL, February 10 (AJP) - South Korea’s GS Group reported stronger fourth-quarter earnings on improved refining margins, although full-year profit declined as weakness in petrochemicals and power generation weighed on results. In a regulatory filing on Monday, GS said fourth-quarter revenue rose 1.4 percent from a year earlier to 6.49 trillion won, while operating profit jumped 23.3 percent to 767.2 billion won. For full-year 2025, however, revenue slipped 0.3 percent to 25.18 trillion won and operating profit fell 4.9 percent to 2.93 trillion won. Energy affiliate GS Caltex led quarterly gains, posting a 136.5 percent surge in fourth-quarter operating profit to 653.4 billion won, while revenue rose 2.5 percent to 11.75 trillion won. For the full year, operating profit increased 61.3 percent to 884 billion won despite a 6.3 percent decline in revenue to 44.63 trillion won. GS Caltex said refining performance improved in the fourth quarter as product margins strengthened despite falling crude prices. Oil prices declined amid expectations of increased supply following higher OPEC output, but disruptions at overseas refineries and seasonal demand helped widen product spreads, supporting profits. GS Energy, another key subsidiary, reported fourth-quarter revenue of 1.66 trillion won and operating profit of 701.9 billion won, up 18 percent and 65 percent respectively from a year earlier. Within GS Energy, however, performance diverged by business segment. Power and district heating operations saw revenue fall 15 percent to 402.4 billion won, with operating profit declining 22 percent to 55.4 billion won due to lower electricity prices. A GS official said overall performance in 2025 was weighed down by persistently weak petrochemical margins amid global oversupply and softer demand, while profitability at power-generation affiliates declined. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-02-10 17:16:56 -
HD Korea Shipbuilding & Offshore posts 2025 operating profit of 3.9045 trillion won, up 172.3% HD Korea Shipbuilding & Offshore, the intermediate holding company for HD Hyundai’s shipbuilding business, said Monday in a regulatory filing that its 2025 consolidated revenue rose 17.2% from a year earlier to 29.9332 trillion won, while operating profit jumped 172.3% to 3.9045 trillion won. Fourth-quarter revenue increased 13.8% to 8.1516 trillion won, and operating profit rose 108% to 1.0379 trillion won from the same period a year earlier, it said. By affiliate, HD Hyundai Heavy Industries posted 2025 revenue of 17.5806 trillion won and operating profit of 2.0375 trillion won. HD Hyundai Samho reported revenue of 8.0714 trillion won and operating profit of 1.3628 trillion won. HD Hyundai Mipo reported third-quarter cumulative revenue of 3.7186 trillion won and operating profit of 358.7 billion won. Ship-engine affiliate HD Hyundai Marine Engine reported revenue of 402.4 billion won and operating profit of 75.9 billion won, citing higher engine volumes and increased parts sales. Solar affiliate HD Hyundai Energy Solutions posted revenue of 492.7 billion won and operating profit of 41.2 billion won on higher domestic and overseas sales volumes and a recovery in selling prices. By business segment, the shipbuilding unit reported revenue up 13.4% to 25.0365 trillion won and operating profit up 119.9% to 3.3149 trillion won, driven by higher build volumes, a larger share of high-priced ship sales and continued productivity gains from process efficiency. The engine and machinery segment reported revenue of 4.2859 trillion won and operating profit of 774.6 billion won, supported by increased marine-engine sales, a higher share of eco-friendly, high value-added engines and improved results in engine parts. The offshore plant segment posted revenue of 1.2436 trillion won and operating profit of 137.9 billion won, returning to profit from a year earlier as work expanded on existing projects. “Solid performance is continuing across affiliates, including shipbuilding and engines, based on competitiveness in each business area,” a company official said. “With a stable order backlog, we will enhance profitability through a selective order strategy.” 2026-02-09 14:15:00 -
LG Energy Solution to Buy Stellantis Stake, Take Full Control of NextStar Energy LG Energy Solution said Thursday it will convert its Canadian joint venture with Stellantis, NextStar Energy, into a wholly owned subsidiary by acquiring Stellantis’ 49% stake. NextStar Energy began producing batteries for energy storage systems, or ESS, in late November. LG Energy Solution said it plans to run the Canadian plant this year as a production hub to target the North American ESS market. The company is expected to benefit from improved profitability because it will receive investment subsidies from the Canadian government on its own, as well as subsidies equivalent to the U.S. Advanced Manufacturing Production Credit, or AMPC. LG Energy Solution said the two companies will keep their partnership intact after the deal. Stellantis will continue to receive electric vehicle batteries from the Canadian plant as previously planned even after selling its stake. With the acquisition, LG Energy Solution will operate three ESS production bases in North America, following its plants in Holland and Lansing, Michigan. It plans to nearly double ESS production capacity by the end of this year to 60 gigawatt-hours globally, including more than 50 GWh in North America. NextStar Energy is in stable mass production and plans to more than double ESS battery output this year. Chief Executive Officer Kim Dong Myung said the Canadian site strengthens the company’s growth foundation in North America. “We will not only respond quickly to surging ESS demand, but also secure additional North America-based customers and build our position to play a key role in the EV industry,” he said. * This article has been translated by AI. 2026-02-06 16:54:00 -
Hanwha Ocean to build Korea's largest wind turbine installation vessel SEOUL, February 06 (AJP) - Hanwha Ocean said on Friday it had secured a 768.7 billion won ($530 million) order to build a wind turbine installation vessel from affiliate Ocean Wind Power 1. Delivery of the vessel is scheduled for the first half of 2028. The company said deployment will initially be considered for domestic offshore wind projects. According to Hanwha Ocean, the vessel will be the first in South Korea capable of installing 15-megawatt-class offshore wind turbines and is expected to become the largest operating in the country’s offshore wind sector. The company noted that many offshore wind projects in South Korea have relied on vessels built and operated by Chinese companies, raising concerns over supply-chain dependence. The new order is expected to help strengthen domestic shipbuilding capability and local supply chains for offshore wind projects. A company official said the government is expanding port and vessel infrastructure as it seeks to install 25 gigawatts of offshore wind capacity by 2035. "Hanwha Ocean aims to support growth in the country’s offshore wind industry through the project," the official said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-02-06 15:50:30 -
Hanwha Ocean Wins $5.7 Billion Order for Offshore Wind Turbine Installation Vessel Hanwha Ocean said in a regulatory filing Thursday that it has won an order worth 7.687 trillion won for one wind turbine installation vessel, or WTIV, from its affiliate Ocean Wind Power 1. The vessel is scheduled for delivery in the first half of 2028. Hanwha Ocean said it will first consider deploying it to domestic offshore wind projects, including the Sinan Ui offshore wind project. Hanwha Ocean said the WTIV will be South Korea’s first vessel capable of installing 15-megawatt offshore wind turbines and is expected to be the largest WTIV operated in the country’s offshore wind sector. The company said South Korea’s offshore wind sites have increasingly relied on China-built and China-operated vessels that are brought in after changing their registered nationality, heightening supply-chain risks. It said the new order could be a proactive example of building core offshore wind infrastructure with a domestically built vessel and a local supply chain. A Hanwha Ocean official said the government is working to expand infrastructure such as ports and vessels as it aims to deploy 25 gigawatts of offshore wind capacity by 2035, adding that Hanwha Ocean will contribute to the growth of South Korea’s offshore wind industry. 2026-02-06 15:12:18
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HD Construction Equipment posts 2025 combined sales of 8.32 trillion won HD Construction Equipment, HD Hyundai’s integrated construction-equipment holding company launched in January, said Thursday that its two units — HD Hyundai Construction Equipment and HD Hyundai Infracore — posted combined 2025 sales of 8.3243 trillion won and operating profit of 457.3 billion won. HD Hyundai Construction Equipment reported 2025 sales of 3.7765 trillion won and operating profit of 170.9 billion won. Sales rose 9.8% from a year earlier, but operating profit fell 10.3% due to higher one-time costs tied to restructuring its China business. The company cited strong growth in emerging markets, Europe and China. Sales in emerging markets rose 21% year over year as mining and infrastructure development continued. Europe and China grew 18% and 26%, respectively, on improving demand. HD Hyundai Infracore posted 2025 sales of 4.5478 trillion won and operating profit of 286.4 billion won, up 10.5% and 55.5% from a year earlier. Its engine business recorded sales of 1.3264 trillion won and an operating margin of 14.3%. An HD Construction Equipment official said the company will strengthen integration synergies and region-specific sales strategies in line with a global market recovery. The official said it will also focus on securing future technology competitiveness and diversifying profit sources, including the aftermarket, engines and compact equipment businesses, to support sustained growth. 2026-02-06 15:12:00 -
HD Hyundai Electric posts 2025 operating profit of 995.3 billion won, up 48.8% HD Hyundai Electric said Thursday it posted 2025 revenue of 4.0795 trillion won and operating profit of 995.3 billion won, up 22.8% and 48.8% from a year earlier. Sales of power equipment, driven by overseas markets, rose 29.7%. The company cited expanding AI-related industries and rising investment in high-power infrastructure such as data centers, with strong conditions continuing in its key North American market. Revenue in Europe climbed 38.3% from a year earlier and accounted for more than about 10% of total sales. Annual orders totaled US$4.274 billion, exceeding its full-year target of US$3.822 billion. The order backlog rose 21.5% to US$6.731 billion, strengthening its medium- to long-term growth base. A company official said HD Hyundai Electric has already secured more than three years of backlog as global investment in power infrastructure increases. The official said the company will focus on strengthening partnerships, including reserving production schedules with key customers, rather than aggressively expanding orders, to manage external risks such as exchange rates and raw material prices, and will continue a selective order strategy centered on profitability.* This article has been translated by AI. 2026-02-06 14:54:20 -
HD Hyundai Marine Solution wins power plant maintenance deal in Ecuador SEOUL, February 06 (AJP) - South Korea's HD Hyundai Marine Solution has signed a $56 million maintenance contract with Ecuador’s state power utility to support operations at thermal power plants amid the country’s ongoing energy shortages. Under the agreement, the company will supply engine and auxiliary equipment maintenance packages through early 2027 for eight thermal power plants operated by the utility, with combined generation capacity of about 400 megawatts. The contract is intended to help alleviate Ecuador’s power crisis. The country, heavily dependent on hydropower, has suffered prolonged drought conditions that have reduced generation capacity and led to electricity outages lasting up to 20 hours in some areas, the company said. HD Hyundai Marine Solution said it plans to provide technical support to help stabilize operations at thermal plants, which are being used to compensate for reduced hydropower output. A company official said the deal would serve as a starting point to strengthen strategic cooperation with Ecuador. "We plan to expand higher-margin aftermarket services, including for land-based power plants, to improve profitability," the official said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-02-06 10:49:53 -
Global Ship Orders Rise 27% in January; China Widens Lead Over South Korea Global ship orders in January rose 27% from a year earlier, driven by demand to replace vessels to meet environmental rules and by a worldwide increase in orders for liquefied natural gas carriers. Clarksons Research, a British shipbuilding and shipping market tracker, said Jan. global orders totaled 5.61 million CGT, or 158 ships, up from 4.43 million CGT a year earlier. By country, South Korea won 1.25 million CGT for 26 ships, or 22% of the total, while China secured 3.74 million CGT for 106 ships, or 67%. Global order backlogs at the end of last month rose 5.07 million CGT from the previous month to 180.35 million CGT. South Korea accounted for 36.31 million CGT, or 20%, and China held 111.91 million CGT, or 62%. Compared with the same period a month earlier, South Korea’s backlog was up 1.0 million CGT and China’s was up 3.8 million CGT. From a year earlier, South Korea was down 390,000 CGT, while China was up 12.83 million CGT. Clarksons’ newbuilding price index at the end of last month was 184.29, down 0.36 points from December 2025 (184.65), holding broadly steady. By ship type, prices were US$248 million for an LNG carrier, $128.5 million for a very large crude carrier, and $261 million for a 22,000- to 24,000-TEU container ship. 2026-02-06 09:54:00 -
SKC says glass substrate customer demands are sharpening; expects ESS copper foil demand SKC said it is focusing on its glass substrate business, a key semiconductor material, as it seeks to return to profitability within the year. Park Dong Ju, head of SKC’s finance division, said on a conference call on Wednesday that the company will run its businesses with a focus on profitability to restore earnings and strengthen financial stability. SKC also plans to increase sales volumes of battery and semiconductor materials. For glass substrates, which SKC is positioning as a future growth driver, the company said it will improve product quality and yields to support reliability testing. SKC said glass substrates could be a “game changer” for the semiconductor ecosystem and that it expects to maintain clear differentiation and a technology gap over latecomers. On progress, SKC said its plant in Georgia was completed at the end of 2024 and that it focused on securing key technologies in 2025, with most now in place. It said it has completed prototype samples and submitted them to customers. SKC said customer requirements for reliability testing are becoming more specific and sophisticated because the product has no close precedent. It said commercialization is running somewhat later than earlier market expectations, but it will deploy a large number of semiconductor engineers to recheck its execution structure and speed up commercialization. In battery materials such as copper foil, SKC said a one-time cost of 316.6 billion won was reflected in the fourth quarter of last year, widening its pretax loss. To offset that, it guided that copper foil sales volume this year will rise 50% from a year earlier. SKC said demand from North America-centered energy storage systems is expected to increase, and it will prioritize operational efficiency based on a full-scale ramp-up of its Malaysia plant while serving key global customers. In semiconductor materials, SKC said it posted its best annual performance on demand for high value-added products used in artificial intelligence data centers. An SKC official said the company is targeting about 20% growth in companywide revenue this year from last year, citing higher electric-vehicle copper foil sales to customers in Greater China and an expanded customer base as applications for small batteries diversify. 2026-02-05 16:30:00