Hanwha Aerospace disclosed on the 3rd that it posted sales of 6.4865 trillion won and operating profit of 856.4 billion won in the third quarter of this year. Compared with a year earlier, sales rose 146.5% and operating profit increased 79.5%. It was the highest third-quarter operating profit on record. Net profit for the same period jumped 123.8% to 712.2 billion won.
By business, sales in the ground defense institutional sector rose 27% to 2.1098 trillion won. Operating profit for the same period increased 30% to 572.6 billion won.
In particular, domestic sales rose 33% year over year to 912.9 billion won, driven by growth in key mass-production programs such as the CBRN reconnaissance vehicle and the wheeled anti-aircraft gun.
The aerospace institutional sector turned profitable, with sales up 26% to 604 billion won and operating profit of 3.1 billion won from the same period last year. Hanwha Aerospace said the increase was due to higher volumes of engine parts A/M (After Market) on the back of revitalized maintenance demand.
Subsidiary Hanwha Ocean reported sales of 3.0234 trillion won and operating profit of 289.8 billion won. The company attributed the results to an expansion in sales of high value-added ships such as LNG (Liquefied Natural Gas) carriers and special-purpose ships. Hanwha Systems posted sales of 807.7 billion won and operating profit of 22.5 billion won.
A Hanwha Aerospace official said, "In the third quarter, a well-balanced defense business portfolio between domestic demand and exports drove results," adding, "In the fourth quarter, we will focus on orders in the North American, European and Middle Eastern markets, leveraging land, sea and air defense synergies with our subsidiaries."