Hanwha Ocean's Q3 Net Profit Plummets 46% Despite Strong Operating Earnings
Hanwha Ocean's Q3 net profit fell 46.1% to 145.1 billion won, despite a 67.6% rise in operating profit, Yonhap News Agency reported.
Hanwha Ocean Co.'s third-quarter net profit dropped significantly, falling 46.1% to 145.1 billion won, which translates to US$109.6 million, despite the company experiencing strong operating earnings, Yonhap News Agency said in a statement.
The decline in net profit was attributed to a decrease in revenue from a year earlier, when the company reported 269.4 billion won in net profit.
Operating profit, however, saw a substantial increase of 67.6% to 485.7 billion won, driven by increased sales of high-value-added vessels and naval ships.
The company's sales also rose by 12.9% to 3.41 trillion won over the July-September period.
Revenue from commercial ships reached 2.7 trillion won, while sales from the naval and specialized vessel segment totaled 363 billion won.
Hanwha Ocean attributed the rise in operating profit to increased deliveries of high-value-added commercial vessels and stronger revenue from its naval shipbuilding business, including submarines and surface vessels.
The company had secured orders worth a combined US$7.72 billion as of the end of September, which includes eight liquefied natural gas carriers, six container ships, 18 very large crude carriers, three very large ammonia carriers, three very large LPG carriers, and one wind turbine installation vessel.
