Revenue declines at Hanwha Systems in third quarter

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Revenue declines at Hanwha Systems in third quarter

Hanwha Systems, provider of IT infrastructure, electronics and aerospace technology for defense, reported a net profit increase of 47.8 percent on year to 31.33 billion won ($28 million) during the the third quarter.
Revenue came in at 379.58 billion won, down 10.9 percent on year, but it was up 17.5 percent compared to the previous quarter.
Operating profit jumped 68.2 percent on year to 44.68 billion won due to the expansion of maintenance repair and operation services as well as the localization of the components for the field of defense.  
Hanwha Systems said its on-year revenue declined because of its planned production of Tactical Information Communication Network (TICN) was pushed to the fourth quarter due to the delay caused by the Covid-19 outbreak.  
TICN is a military communications network aimed at integrating the analog-based network into digital networks equipped with high-speed telecommunications channels.  
Hanwha Systems said revenue for the production of TICN in the fourth quarter will be 120 billion won.  
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