Hanwha Systems Q1 Operating Profit Decreases by 7%

[Asia Economy Reporter Yang Nak-gyu] Hanwha Systems achieved its business targets in the first quarter despite the spread of the novel coronavirus disease (COVID-19).

Hanwha Systems announced on the 11th that it recorded consolidated sales of 282.3 billion KRW and an operating profit of 10.9 billion KRW in the first quarter of this year.

Sales increased by 8% compared to the same period last year, while operating profit decreased by 7%.

The company explained that it posted relatively solid results by focusing on large-scale projects in the defense sector and responding to the demand for "contactless services" in the information and communication technology (ICT) sector.

Kim Yeon-cheol, CEO of Hanwha Systems, stated, "Despite the prolonged COVID-19 pandemic, we successfully achieved the initially planned business targets for the first quarter without any setbacks. We will continue to expand the proportion of core businesses through selection and concentration."

Hanwha Systems also announced that although the impact of COVID-19 is expected to intensify externally in the second quarter, it plans to improve profitability through the expansion of development and mass production projects in the defense sector and continuous orders in the ICT sector.

This content was produced with the assistance of AI translation services.