Hanwha Ocean said in a filing on the 27th that its operating profit for the third quarter of this year was tentatively tallied at 289.8 billion won, up 1,032% from a year earlier. Revenue for the same period rose 11.8% to 3.02 trillion won, and operating profit turned to a surplus at 269.4 billion won.
Compared with the second quarter, revenue and operating profit fell 8.2% and 22.0%, respectively. A Hanwha Ocean official said, "This was due to fewer working days because of summer vacations. One-off factors such as the cost of concluding wage and collective bargaining were also reflected."
Cumulative operating profit for the first to third quarters rose 1,235.4% from a year earlier to 920.1 billion won, and revenue increased 25.5% to 9.4606 trillion won. Operating profit turned to a surplus at 633.6 billion won.
By business unit, the commercial ship division continued to build high value-added vessels centered on liquefied natural gas (LNG) carriers.
The special ship division saw revenue increase 58% from the previous quarter thanks to continued production of its main warship classes, including the full-scale construction of the second boat of the Jang Bogo-III Batch-II, and performance of U.S. Navy maintenance, repair and overhaul (MRO).
The offshore division saw revenue and profit decline as major projects entered the final stage.
The company said, "The sales portion of LNG carriers is expected to remain at about 60% of total sales. As revenue recognition from new high value-added projects ordered since 2023 gradually expands, a solid operating profit trend is expected to continue."