Hanon Systems (018880.KS), a South Korean automotive parts maker, on Wednesday posted a net profit for the third quarter.
For the three-month period, the company posted a net profit of KRW 55.3 billion, compared with a net loss of KRW 19.4 billion in the same period last year. Operating profit improved to KRW 95.3 billion from the prior year's KRW 93.7 billion. Revenue was KRW 2.705 trillion, up from the previous year's KRW 2.499 trillion.
The company's results were supported by the effective cost management, favorable foreign-exchange impact, and customer compensation settlements. "Company-wide initiatives focused on cost reduction and operational efficiency are now delivering tangible results," Hanon Systems said.
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