Seoul: HD Hyundai Heavy Industries Co. announced a notable financial turnaround for the third quarter on Thursday, revealing a net income of 72.2 billion won (US$52.4 million). This marks a significant recovery from a loss of 9.8 billion won recorded during the same period last year.

According to Yonhap News Agency, the company’s operating profit for the July-September timeframe surged by 1497.7 percent year-on-year, reaching 206.1 billion won. Additionally, the company’s sales saw a substantial increase of 26.5 percent, totaling 3.6 trillion won for the quarter.

The operating profit surpassed expectations, coming in 13.4 percent above the average estimate from a survey conducted by Yonhap Infomax, the financial data arm of Yonhap News Agency. However, an estimate for the net profit was not available in the survey.