Hanwha Aerospace announced on the 30th that its first-quarter revenue was 5.4842 trillion won and its operating profit was 560.8 billion won.
This represents increases of 278% in revenue and 3060% in operating profit compared to the first quarter of last year. Net income for the period was 209.4 billion won, up 7095%.
This marks the highest quarterly revenue and maximum operating profit ever recorded by Hanwha.
By institutional sector, the ground defense sector recorded revenue of 1.1575 trillion won and operating profit of 301.9 billion won. Compared to the same period last year, revenue increased by 77%, and operating profit turned to a surplus. Hanwha explained that the increased exports of the K9 self-propelled howitzer and the Multiple Launch Rocket System Cheonmu contributed to these results, along with the impact of the rise in the won-dollar exchange rate.
Revenue from the aviation business was 530.9 billion won, an increase of 24% year-on-year, while operating profit was 3.6 billion won, up 43%.
Hanwha System achieved sales of 690.1 billion won and operating profit of 58.2 billion won due to increased exports in the defense sector. Hanwha Ocean achieved sales of 3.1431 trillion won and operating profit of 258.6 billion won, supported by stable revenues from its merchant ship division's LNG carriers.
A representative from Hanwha Aerospace noted, "With the incorporation of Hanwha Ocean as a subsidiary, we will present integrated solutions that combine the capabilities of the three defense companies and launch our overseas business in earnest," adding, "We will also strengthen local investments to respond to the defense industry block formation in Europe, thereby maximizing shareholder value through continuous growth."