Hanwha Ocean's Q3 net falls 46% despite strong operating earnings
Korean shipbuilder Hanwha Ocean said Tuesday its third-quarter net profit dropped 46.1 percent from a year earlier, despite strong operating earnings driven by increased sales of high value-added vessels and naval ships. Net profit stood at 145.1 billion won ($109.6 million) in the July-September period, down from 269.4 billion won a year earlier, the company said in a regulatory filing.…
Hanwha Ocean is intensifying its efforts to expand its warship business in international markets, focusing on key regions such as Europe, Southeast Asia, and Latin America. The company aims to enhance its standing in the global naval defense sector by utilizing its expertise in submarine design and construction, surface warship capabilities, and extensive production capabilities.
Hanwha Ocean stands as the sole Korean enterprise to have taken part in every Korean Destroyer eXperimental (KDX) program and all multi-phase Jangbogo submarine development projects. The KDX initiative is a program by the Republic of Korea Navy aimed at modernizing its destroyer fleet.
The overseas naval division of the company builds upon its past export successes and a growing roster of potential contracts. Previously known as Daewoo Shipbuilding & Marine Engineering, Hanwha Ocean gained overseas submarine project experience through programs in Indonesia. The company has also delivered frigates to Bangladesh and Thailand, as well as naval support vessels to Britain and Norway. Recently, it has been further solidifying its position in the global naval defense industry.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Hanwha Ocean steps up push into global warship market koreatimes.co.kr
