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| ▲ Hanwha Aerospace Co. displays the K239 Chunmoo multiple launch rocket system during the International Defence Industry Exhibition in Kielce, Poland, on Sept. 5, 2023, in this file photo provided by the South Korean defense firm. (PHOTO NOT FOR SALE) (Yonhap) |
(LEAD) Hanwha Aerospace-Q3 earnings
(LEAD) Hanwha Aerospace Q3 net profit surges on stellar arms sales
(ATTN: ADDS details throughout, photo; RECASTS headline, lead)
SEOUL, Oct. 31 (Yonhap) -- Hanwha Aerospace Co., a leading defense and aerospace company, said Thursday its third-quarter net income skyrocketed nearly 50 times, largely driven by robust overseas sales of K9 howitzers and Chunmoo rocket launchers.
Its net profit amounted to 330.4 billion won (US$239.6 million) for the July-September period, up 4,831.3 percent from 6.7 billion won a year earlier, the company said in a regulatory filing.
Operating profit soared 457.5 percent on-year to 477.2 billion won, and sales rose 61.9 percent to 2.63 trillion won.
The operating profit was 47.7 percent higher than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.
Hanwha Aerospace attributed the strong bottom line to high demand for its K9 howitzer and Chunmoo rocket launchers, particularly through export contracts with Poland.
The company secured a deal, valued at 8.2 trillion won, to supply Poland with 212 K9 howitzers and 218 Chunmoo rocket launchers in 2022. This was followed by another contract last year, worth 5.6 trillion won.
Its defense business reported 1.6 trillion won in sales and 439.9 billion won in operating profit for the third quarter, up 117 percent and 715 percent from a year ago, respectively.
The aerospace division saw its sales rise 22 percent on-year to 477.9 billion won, with an operating loss of 6 billion won.
Hanwha Aerospace expected strong results to continue in the fourth quarter, as it plans to further expand arms production for export contracts with Poland.
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