Hanwha Aerospace swings to Q3 net loss due to delayed weapons deliveries
Korean defense firm Hanwha Aerospace said Thursday it swung to a net loss in the third quarter, weighed down by delayed weapons deliveries and one-off costs. The company posted a net loss of 36.7 billion won ($27.5 million) for the July-September period, reversing a profit of 699 billion won a year earlier, according to a regulatory filing. Operating profit fell 46.2 percent on-year to 452…
Hanwha Aerospace, a Korean defense firm, reported a net loss for the third quarter due to delayed weapons deliveries and one-off costs. The company's net loss for the July-September period was 36.7 billion won ($27.5 million), a significant drop from the 699 billion won profit in the same period last year. Operating profit also fell by 46.2 percent on-year to 452 billion won, with revenue declining by 6 percent to 6.09 trillion won.
The delay in K9 self-propelled howitzer deliveries to Poland, scheduled for the fourth quarter, and some weapons deliveries completed ahead of schedule in the second quarter contributed to the weaker performance. Hanwha Aerospace's ground defense division reported revenue of 1.24 trillion won and operating profit of 21.7 billion won, while its aerospace division posted revenue of 659.9 billion won and an operating loss of 2.4 billion won. The company's order backlog was valued at 35 trillion won as of the end of September.
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