Hanwha Aerospace Q3 operating profit surges 79.5% to USD 630 mn

Seoul [South Korea], November 3 : Hanwha Aerospace Co. reported a third-quarter operating profit of 856.4 billion won (USD 630 million), up 79.5 per cent from a year earlier, marking its highest-ever third-quarter performance, as per a report by Pulse, the English service of Maeil Business News Korea.

The company stated in a regulatory filing on Monday that revenue reached 6.48 trillion won (approximately USD 4.54 billion), up 146.5 per cent from the previous year, while net profit increased 123.8 per cent to 712.2 billion won (approximately USD 512.78 million). The company attributed the strong results to robust earnings from its defence division and solid performance by its subsidiary Hanwha Ocean.

"By business segment, the defense division posted 2.1 trillion won (USD 1.51 billion) in revenue and 502.6 billion won (USD 361.87 million) in operating profit, up 27 per cent and 30 per cent, respectively, from the same period last year. Domestic sales rose 33 per cent to 912.9 billion won (USD 657.29 million), supported by higher demand for chemical, biological, and radiological (CBR) reconnaissance vehicles and wheeled anti-aircraft guns," the report said.

The aerospace division saw revenue rise 26 per cent year-on-year to 604 billion won (USD 434.88 million), driven by increased demand for engine parts and aftermarket services. The segment swung to a profit of 3.1 billion won (USD 2.23 million) from a loss a year earlier.

The report also noted that its subsidiary, Hanwha Ocean, recorded 3.02 trillion won (USD 2.17 billion) in sales, up 11.8 per cent, and a tenfold surge in operating profit to 289.8 billion won (USD 208.66 million), thanks to strong sales of high-value ships such as LNG carriers and special-purpose vessels.

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