Hanwha Ocean Q3 profit plunges 46% despite surge in operating earnings

Hanwha Ocean announced that its third-quarter net profit dropped to 145.1 billion won, a 46.1% decrease compared with the same period last year. Despite the profit slump, operating profit surged 67.6% to 485.7 billion won, reflecting stronger deliveries of high-value commercial ships and increased revenue from its naval shipbuilding division, which includes submarines and surface vessels. The company’s total sales rose 12.9% to 3.41 trillion won, with commercial ship sales accounting for 2.7 trillion won and the naval and specialized segment contributing 363 billion won.

Hanwha Ocean highlighted an order book of US$7.72 billion secured by the end of September, covering eight LNG carriers, six container ships, 18 VLCCs, three VLACs, three VLGCs and one wind-turbine installation vessel. The mixed results underscore the firm’s reliance on high-margin projects to offset lower net earnings. Investors will watch whether the robust order pipeline can translate into improved profitability in upcoming quarters.