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\nThe Hanwha Building in Janggyo-dong, central Seoul. Courtesy of Hanwha Group <\/p>\n
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\nThe Hanwha Building in Janggyo-dong, central Seoul. Courtesy of Hanwha Group
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\nSEOUL, April 30 (AJP) –\u00a0Hanwha Aerospace reported solid first-quarter earnings on the back of improved performance in its aerospace division and key subsidiaries, while its order backlog reached a record high amid steady growth in overseas contracts.<\/p>\n
The company said Thursday that its consolidated revenue rose 5 percent year-on-year to 5.751 trillion won ($3.9 billion) in the January\u2013March period, while operating profit climbed 21 percent to 638.9 billion won.<\/p>\n
By segment, the ground defense division posted revenue of 1.2211 trillion won and operating profit of 208.7 billion won. While revenue rose 5 percent on-year, operating profit fell 31 percent. Its order backlog reached a record high of about 39.7 trillion won, supported by overseas deals including a 1.3 trillion won Chunmoo export to Norway.<\/p>\n
The aerospace division reported revenue of 661.2 billion won and operating profit of 22.6 billion won. Revenue increased 25 percent, while operating profit surged more than fivefold on higher military demand and a greater share of high-margin businesses.<\/p>\n
Hanwha Ocean posted revenue of 3.2099 trillion won and operating profit of 441.1 billion won, up 2 percent and 71 percent, respectively, driven by more high-value ships such as LNG carriers and favorable exchange rates.<\/p>\n
A company official said the firm \u201cmaintained solid growth in the first quarter, supported by strong performance in the aerospace division and Hanwha Ocean,\u201d adding that it would \u201ccontinue to deliver new orders and maximize shareholder value on the back of a record-high backlog.\u201d<\/p>\n
During an earnings conference call held on Thursday, Han Sang-yoon, executive vice president in charge of IR at Hanwha, said only part of the Polish order for Chunmoo launchers was reflected in the first-quarter results, adding that earnings momentum is expected to accelerate from the second quarter.<\/p>\n
\u201cFrom the second quarter, deliveries to Poland, Australia and Egypt will begin to be reflected, leading to improved performance compared with the first quarter,\u201d Han said. \u201cDemand for air defense systems is rising in the Middle East, and projects such as Spain\u2019s self-propelled howitzer program are expected to further support growth.\u201d<\/p>\n
Meanwhile, Hanwha Aerospace said it signed a memorandum of understanding on Wednesday in Ontario, Canada, with the Automotive Parts Manufacturers\u2019 Association and Hanwha Ocean to establish a joint venture for the production of military vehicles, including the K9 self-propelled howitzer.<\/p>\n
The agreement comes as Hanwha Ocean and HD Hyundai Heavy Industries are jointly bidding for Canada\u2019s submarine program known as the CPSP. The two companies have formed a consortium to compete against Germany\u2019s TKMS, with the preferred bidder expected to be announced in June. \n <\/p>\n
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