(LEAD) LIG D&A shifts to red in Q3 on facility expansion costs

South Korean defense firm LIG Defense & Aerospace Co. (D&A) reported a net loss of 8.2 billion won ($6 million) for the third quarter, marking a shift from a profit of 54.2 billion won in the same period last year. The company's operating profit fell 24.6% year-on-year to 67.6 billion won, while sales grew by 2.1% to 1.07 trillion won.

Its order backlog totaled 24.5 trillion won as of the end of September. The loss was partly due to a one-time charge of about 22 billion won incurred from demolishing existing facilities to expand production capacity at its Gumi plant. Additionally, unfavorable exchange rates negatively impacted earnings. The company's sales were boosted by deliveries of Cheongung-II medium-range surface-to-air missile systems to the UAE and Saudi Arabia, as well as growth in its avionics, electronic warfare, intelligence, surveillance and reconnaissance, and unmanned surface vessels segments.