Hanwha reports 37 percent rise in net profit in third quarter

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Hanwha reports 37 percent rise in net profit in third quarter

Hanwha reported a drop in sales but a rise in profit.

In a regulatory filing on Friday, it reported 11.67 trillion won ($10.5 billion) in consolidated sales, down 10.06 percent on year. Its on-year consolidated operating profit was up 64.07 percent on year to 636.2 billion won in the July-September period, while the consolidated net profit stood at 410.32 billion won, up 36.61 percent, during the same period.
Chemicals company Hanwha Solutions and Hanwha Aerospace are some of Hanwha's subsidiaries.  
The jump in profit was helped by the businesses of Hanwha and favorable results of the defense and explosives business.  
Hanwha sells advanced ammunition, underwater surveillance equipment, rockets, bombs and demolitions.  
“There are uncertainties in the fourth quarter due to the Covid-19, but the favorable condition is projected to continue from Hanwha Corporation's own businesses, the improvement in solar panel business by Hanwha Solutions and the continuation of good outcome of defense affiliates,” said Hanwha in a statement on Friday.  
It added it will expand new businesses in order to secure growth engine in the mid- to long-term.
BY JIN MIN-JI   [jin.minji@joongang.co.kr]

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