Hanwha Corporation sees net profit jump up 80 percent in Q2

Hanwha Corporation, the de facto holding company of Hanwha Group, saw its consolidated net profit soar more than 80 percent on-year on decreased sales in the second quarter.

In a preliminary report released Thursday, Hanwha Corporation reported 350.74 billion won ($296 million) in net profit in the April-June period, up 82.5 percent from the same quarter last year. Its operating profit went up by 37.88 percent on-year to 501.33 billion won, while its sales declined 14 percent during the same period to 11 trillion won.

The operating profit was helped by “the normalization of the defense business” and the performance of key subsidiaries like Hanwha Solutions and Hanwha Life, according to Hanwha Corporation in a statement Thursday.

“There are still uncertainties due to the impact of Covid-19 that are continuing throughout the second half of the year, but earnings are projected to improve on the gradual increase in demand for Hanwha Solutions’ solar energy and the improvement of the loss ratio for Hanwha Life and increased sales of Hanwha Aerospace,” the company wrote.

BY JIN MIN-JI [jin.minji@joongang.co.kr]