The company said Sunday that on a consolidated basis it posted first-quarter 2026 revenue of 3.2099 trillion won and operating profit of 441.1 billion won. Revenue fell 3% from the previous quarter and 2% from a year earlier. Operating profit rose 78% from the prior quarter and 71% from a year earlier.
Revenue edged down as fewer operating days weighed on output, but the commercial ship division drove growth on higher-priced projects and a larger share of LNG carriers. The naval ship division kept revenue steady, centered on submarine and surface-ship construction, while the energy plant division declined temporarily as projects ended.
Profitability improved as the company maintained a high-margin LNG carrier mix and saw clearer gains in other ship types. It also cited benefits from a weaker won, cost cuts, productivity improvements and the impact of some early deliveries.
In the first quarter, Hanwha Ocean booked orders totaling $2.45 billion, including four LNG carriers, seven very large crude carriers and one wind turbine installation vessel.
A company official said profitability gains should continue as revenue recognition accelerates for high-priced commercial ship projects, adding that Hanwha Ocean will strengthen competitiveness based on its design and construction experience and systems integration capabilities.
* This article has been translated by AI.
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