Hanwha Co., Q1 Operating Profit 296.4 Billion KRW... Up 14.2% YoY

[Asia Economy Reporter Hwang Yoon-joo] Hanwha Corporation recorded stable performance in the first quarter of this year despite the COVID-19 pandemic, supported by strong results from its major affiliates.

Hanwha Corporation announced that its consolidated operating profit for the first quarter reached 296.4 billion KRW, a 14.2% increase compared to the same period last year. During the same period, sales rose 21.4% to 14.4619 trillion KRW, and net profit increased by 6.2% to 184.7 billion KRW.

The increase in sales was driven by improved performance in the financial sector and expanded sales at Hanwha Aerospace, while the normalization of performance in the defense sector among its own businesses also contributed to the sales growth.

Regarding operating profit, Hanwha Solutions saw a significant increase year-on-year due to strong performance in the solar energy sector and improved spreads resulting from lower raw material prices. Hanwha Life Insurance also posted solid results thanks to growth in new contract sales and expanded renewal premiums. Hanwha Aerospace succeeded in turning a profit due to improved profitability from increased exports.

Hanwha Corporation stated, "Although some impact is inevitable this year due to the spread of COVID-19 and low oil prices, we expect an improvement compared to last year driven by recovery in defense performance, growth in our own businesses, and improved results in insurance affiliates due to better loss ratios."

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