BHI (083650) Q2 2024 earnings summary

Executive summary

• Consolidated financial statements for the six months ended June 30, 2024, were reviewed and found to be fairly presented under Korean IFRS 1034, with no material misstatements identified.

• The company operates primarily in heat exchanger and power plant equipment manufacturing, with significant domestic and overseas sales.

Financial highlights

• Total assets increased to ₩484.5 billion as of June 30, 2024, from ₩425.4 billion at December 31, 2023.

• Revenue for the first half of 2024 was ₩159.4 billion, down from ₩204.3 billion in the same period last year.

• Operating income for the first half was ₩6.0 billion, compared to ₩9.5 billion a year earlier.

• Net income attributable to controlling interests was ₩7.5 billion, reversing a net loss of ₩3.6 billion in the prior year period.

• Cash and cash equivalents at period end were ₩19.8 billion, down from ₩23.6 billion a year earlier.

Outlook and guidance

• The company recognizes that post-reporting period events, such as contract terminations, may impact future financials.

• Ongoing discussions with major clients regarding contract scope changes could affect future results.