HMD reported a net income of KRW9 9.03bn (US$7.65m) for the first-half of this year, a turnaround from a loss of KRW 29.9bn in the same period a year earlier. Net sales were up over 28% at KRW 585.8bn, from KRW 457.5bn in interim 2002.

Second quarter figures were equally encouraging, with net income up at KRW 5.46bn, against a loss of KRW 24.8bn.

Boosted by lower interest payments and higher value orders, HMD turned in a second quarter operating profit of KRW 8bn, compared with a loss of KRW 17.2bn in the same period a year earlier.

HMD topped its order target of $1.13bn for 2003 in May, surpassing $731m worth of contracts won in 2002. HMD is forecasting sales to rise 15% to KRW 1.14 trillion this year.