Hanwha Aero, Q1 Sales Reach 1.2124 Trillion Won... 18% Increase YoY
[Asia Economy Reporter Jeong Hyunjin] Hanwha Aerospace announced on the 11th that its first-quarter sales increased by 18% year-on-year to 1.2124 trillion KRW, and operating profit surged by 1959.4% to 65.9 billion KRW. Net profit turned positive to 100.1 billion KRW in the first quarter of this year.
According to Hanwha Aerospace, the defense sector maintained solid performance compared to the same period last year, and Hanwha Defense saw domestic defense sales rise year-on-year. Hanwha Systems achieved results exceeding market expectations due to increased mass production sales in the defense sector and steady operating profit contributions from the ICT sector. However, in the aviation sector, global air demand declined compared to pre-COVID-19 levels in the first quarter of last year, leading to a decrease in civilian engine parts sales and a slight drop in operating profit.
In the civilian sector, Hanwha Techwin saw significant increases in both sales and operating profit due to strong performance in the US B2B market for its CCTV business. Power Systems minimized its deficit through increased sales. Hanwha Aerospace stated that the civilian sector achieved the best sales and profit performance since 2015. In particular, Hanwha Precision Machinery recorded a 133.5% year-on-year increase in sales and an operating profit margin of 17.1%, achieving the highest first-quarter profit since its inception, driven by strong chip mounter sales in small home appliances and LED sectors in China since the second half of last year.
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A Hanwha Aerospace official said, "In the first half of the year, profitability is expected to increase centered on Techwin and Precision Machinery in the civilian business, and in the second half, sales and profit growth is expected mainly in the defense sector. This year is expected to be a remarkable year of growth in both sales and profits for defense and civilian sectors."
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