Hanwha Aerospace Achieves Record Third-Quarter Profits with Robust Defense and Ship Sales

Hanwha Aerospace Co. has announced a record-breaking third-quarter operating profit of 856.4 billion won, equivalent to $630 million, representing a significant 79.5% increase compared to the same period last year. This marks the company's highest-ever performance for the third quarter, according to a report by Pulse, the English service of Maeil Business News Korea.

In a regulatory filing on Monday, the company revealed a substantial revenue boost to 6.48 trillion won (approximately $4.54 billion), marking a 146.5% surge from the previous year. Additionally, Hanwha Aerospace noted a net profit increase of 123.8%, totaling 712.2 billion won (around $512.78 million). These results are attributed to robust returns from its defense operations and the impressive performance of its subsidiary, Hanwha Ocean.

By segment, the defense division contributed significantly, reporting 2.1 trillion won ($1.51 billion) in revenue and 502.6 billion won ($361.87 million) in operating profit, representing increases of 27% and 30%, respectively, from last year's figures. Domestic sales soared by 33% to 912.9 billion won ($657.29 million), propelled by demand for chemical, biological, and radiological reconnaissance vehicles and wheeled anti-aircraft guns. In addition, the aerospace unit experienced a 26% revenue increase to 604 billion won ($434.88 million), returning to profit with 3.1 billion won ($2.23 million) after a loss last year. Hanwha Ocean's remarkable performance saw sales rise by 11.8% to 3.02 trillion won ($2.17 billion), alongside a tenfold jump in operating profit to 289.8 billion won ($208.66 million), driven by the sale of high-value ships, including LNG carriers and special-purpose vessels.