For the first nine months of this year, revenue climbed 28 percent to 12.07 trillion won, while operating profit jumped 81 percent to 1.66 trillion won, reflecting improved profitability from orders for higher-value vessels.
But both revenue and operating profit declined from the previous quarter. Hanwha Ocean attributed the drop to fewer working days due to summer vacations and Chuseok, one of South Korea's biggest holidays as well as the weakening won.
Despite the decline, the shipbuilder said it continued to benefit from lucrative orders for highly valuable liquefied natural gas (LNG) carriers, along with steady progress in building submarines and surface ships.
As of the end of September, Hanwha Ocean had secured orders worth $7.72 billion including eight LNG carriers, six container ships, 18 very large crude carriers (VLCCs), three very large ammonia carriers (VLACs), three very large gas carriers (VLGCs), and one wind turbine installation vessel (WTIV).
However, Hanwha Ocean's profitability could weaken in the fourth quarter due to a one-off settlement payment and annual performance bonuses.
"We are working to reduce the impact of fluctuations in exchange rates while maintaining profitability through the completion of higher-priced orders and cost-cutting efforts. We also aim to increase output by accelerating the construction of submarines and surface ships," a Hanwha Ocean spokesperson said.
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