LIG Defense & Aerospace (D&A) reported increased revenue driven by exports.
On November 6, LIG D&A announced that its third-quarter revenue reached 1.0713 trillion won, with an operating profit of 67.6 billion won.
Revenue rose 2.1% from 1.0492 trillion won in the same period last year, while operating profit fell 24.6% from 89.6 billion won. The increase in the proportion of research and development revenue, which has a lower net profit margin, impacted the operating profit.
Specifically, the Cheongung-II project in the United Arab Emirates (UAE) and Saudi Arabia contributed approximately 100 billion won to revenue growth.
Saudi Arabia is currently in the mass production phase, which is expected to significantly boost future revenue. Domestic projects in guided missile production, avionics and electronic warfare, and reconnaissance unmanned surface vehicles also contributed to revenue growth.
However, net profit turned to a loss of 8.2 billion won from a profit of 54.2 billion won due to one-time losses of about 22 billion won from the demolition of existing facilities for the expansion of the Gumi 3 plant.
As of the end of the third quarter, the order backlog stood at 24.54 trillion won, similar to the previous quarter.
Additionally, LIG D&A has signed a Cheongung-II export contract worth approximately 3.7 trillion won with Iraq, following agreements with the UAE and Saudi Arabia for 2024.
On November 6, LIG D&A announced that its third-quarter revenue reached 1.0713 trillion won, with an operating profit of 67.6 billion won.
Revenue rose 2.1% from 1.0492 trillion won in the same period last year, while operating profit fell 24.6% from 89.6 billion won. The increase in the proportion of research and development revenue, which has a lower net profit margin, impacted the operating profit.
Specifically, the Cheongung-II project in the United Arab Emirates (UAE) and Saudi Arabia contributed approximately 100 billion won to revenue growth.
Saudi Arabia is currently in the mass production phase, which is expected to significantly boost future revenue. Domestic projects in guided missile production, avionics and electronic warfare, and reconnaissance unmanned surface vehicles also contributed to revenue growth.
However, net profit turned to a loss of 8.2 billion won from a profit of 54.2 billion won due to one-time losses of about 22 billion won from the demolition of existing facilities for the expansion of the Gumi 3 plant.
As of the end of the third quarter, the order backlog stood at 24.54 trillion won, similar to the previous quarter.
Additionally, LIG D&A has signed a Cheongung-II export contract worth approximately 3.7 trillion won with Iraq, following agreements with the UAE and Saudi Arabia for 2024.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.