Hanwha Aero Q2 Operating Profit 112.9 Billion KRW... 14.8% Decrease YoY

[Asia Economy Reporter Oh Hyung-gil] Hanwha Aerospace announced on the 29th that its operating profit for the second quarter was 112.9 billion KRW, a 14.8% decrease compared to the same period last year. During the same period, sales recorded 1.6711 trillion KRW, a 0.9% decrease.

Although sales decreased compared to the previous year due to a decline in military sales in the defense sector, the company maintained a profit trend following last year thanks to the high exchange rate impact. Hanwha Systems achieved profits exceeding market expectations due to increased sales and operating profit in the defense sector and steady sales contributions from the ICT sector.

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Hanwha Defense saw a slight decrease in sales compared to the previous year due to a temporary decline in overseas sales. Hanwha Techwin maintained continuous growth in the U.S. B2B market, its main market for CCTV business, resulting in significant increases in both sales and operating profit compared to the previous year.

Hanwha Power Systems experienced a temporary decrease in second-quarter sales due to project delivery schedules, but maintained a high operating profit margin despite the overall sales decline, thanks to the expansion of the highly profitable AM business.

Hanwha Precision Machinery saw a slight decrease in both sales and operating profit compared to last year, affected by repeated lockdowns due to the COVID-19 situation in its main market, China.

A Hanwha Aerospace official stated, "Despite the difficult business environment, we achieved profits exceeding market expectations thanks to steady performance in the defense sector and strong results in the U.S. market by Hanwha Techwin," adding, "In the second half of the year, improved performance compared to the first half is expected based on the seasonality of the defense sector."

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