Hanwha Aerospace Q2 net jumps 79.9 pct on defense exports, equity gains

SEOUL, July 31 (Yonhap) -- Hanwha Aerospace Co., a major South Korean defense and space company, said Thursday its second-quarter net profit jumped 79.9 percent from a year earlier, driven by strong exports of defense products and equity gains.

For the three months ended June 30, net profit surged to 287.7 billion won (US$207.1 million) from 159.9 billion won a year earlier, the company said in a regulatory filing.

"The bottom line was buoyed by increased exports of defense systems, such as the Chunmoo multiple rocket launcher, and equity gains from Hanwha Ocean Co., which secured additional high-value shipbuilding orders," a company spokesperson said.

Looking ahead, Hanwha Aerospace said it will focus on securing additional defense contracts in the Middle East and Europe, while pursuing new growth drivers through the planned fourth launch of the homegrown Nuri space rocket in November.

In July, the company signed a 24 billion-won deal with the state-run Korea Aerospace Research Institute (KARI) to acquire core technologies related to the Nuri rocket. The agreement grants Hanwha Aerospace exclusive rights to manufacture and launch the rocket through 2032.

Operating profit more than doubled to 864.4 billion won in the second quarter from 337.2 billion won a year earlier. Revenue also soared to 6.27 trillion won from 2.33 trillion won over the cited period.

In the first half of the year, net income more than tripled to 497 billion won from 162.5 billion won a year ago.

Operating profit surged to 1.43 trillion won from 355 billion won, while sales jumped to 11.76 trillion won from 3.78 trillion won.

kyongae.choi@yna.co.kr
(END)