Hanwha Q1 Operating Profit 296.4 Billion KRW... 14.21% Increase Compared to Same Period Last Year
[Asia Economy Reporter Seongpil Cho] Hanwha announced on the 15th that its consolidated operating profit for the first quarter of this year was preliminarily estimated at 296.4 billion KRW, a 14.21% increase compared to the same period last year.
Sales reached 14.4619 trillion KRW, up 21.44% from the same period last year. Net profit increased by 6.21% to 184.7 billion KRW.
The company explained that the growth in sales for the first quarter was driven by improved performance in the financial sector and expanded sales of Hanwha Aerospace.
Strong performance in Hanwha Solutions' solar division, a decline in raw material prices, and increased exports by Hanwha Aerospace contributed to the rise in operating profit.
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A Hanwha official stated, "Although the annual performance will inevitably be affected by the spread of COVID-19 and low oil prices, we expect improved results due to strong performance in the defense and financial sectors."
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