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Biz News Korea(Eng)
Hanon Systems poised to hit record annual OP in 2017
- Collected
- 2017.08.04
- Distributed
- 2017.08.07
- Source
- Go Direct
The manufacturer of mainstay vehicle air conditioning and heating systems recorded an operating profit of 127.2 billion won ($113.1 million) in the first quarter and eyes a full year income of more than 500 billion won to beat last year’s record-high of 422.5 billion won.
Analysts are upbeat about its performance moving forward amid recovery in global demand and capacity increase in its production bases in Ohio, U.S. and Dalian, China.
“The company achieved greater growth momentum by securing new clients,” said Lee Jae-il, analyst at Eugene Investment & Securities Co.
At 1:22 p.m., shares of Hanon Systems remained unchanged at 11,150 won.
Founded in 1986 as Halla Climate Control in a joint venture between Ford Motor and Mando Machinery of Korea, its majority share went to Visteon Corp. following the U.S. automaker’s spinoff. U.S.-based Visteon sold its majority 70 percent stake to Hahn & Company and Hankook Tire for 3.9 trillion won on June 2015.
The company has since diversified its supply chain that helped bolster its revenue. In the first quarter, sales in Korea took up 27 percent, Europe 31 percent, North America 16 percent, and China 16 percent. It was less affected by the sales plunge of Hyundai Motor in China because its reliance on Korea’s biggest automaker was lighter than its peers.
By Han Woo-ram
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]