Seoul: Hanwha Ocean Co. announced on Monday that its net profit for the first quarter has more than quadrupled compared to the same period last year, driven by substantial sales of high-end ships.
According to Yonhap News Agency, the company reported a net income of 215.7 billion won (US$149.8 million) for the January-March period, marking a 322.9 percent increase from the 51 billion won recorded a year earlier. The operating income for the quarter also saw a significant rise, reaching 258.6 billion won, which is a 388.8 percent increase from the previous year. Additionally, sales experienced a substantial on-year boost of 37.6 percent, totaling 3.14 trillion won.
The operating profit exceeded expectations by 38.8 percent, based on a survey by Yonhap Infomax, the financial data arm of Yonhap News Agency. However, an estimate of the net profit was not available. Hanwha Ocean attributed its impressive financial performance to the increased sales of high-value premium ships, particularly liquefied natural gas (LNG) vessels.
Moreover, Hanwha Ocean has secured US$3 billion worth of orders so far this year, which includes contracts to build 14 vessels. These orders comprise six very large crude carriers (VLCCs), six container ships, and two LNG carriers, further solidifying its position in the high-value shipbuilding market.