[Asia Economy Reporter Han Yeju] Hanwha Systems announced on the 27th that its consolidated operating profit for the third quarter of this year was 500 million KRW, a decrease of 98.7% compared to the same period last year.
During the same period, sales amounted to 459.4 billion KRW, down 17.6%, and net profit was 2.6 billion KRW, a decrease of 91.7%.
By division, defense sector sales were 334.8 billion KRW, with an operating profit of 16.2 billion KRW. Compared to the same period last year, sales and operating profit decreased by 16.6% and 52.2%, respectively.
In the ICT sector, sales decreased by 20.2% to 124.3 billion KRW, and operating profit dropped 94% to 900 million KRW. Sales were affected by the extension of the next-generation life insurance core business period, and profitability declined due to increased personnel and labor costs in addition to the sales decrease.
The new business division recorded sales of 300 million KRW and an operating loss of 16.6 billion KRW due to operating and non-operating losses related to subsidiaries such as Hanwha Pager and Hanwha Intelligence. Equity method losses also occurred from investments in UAM-related equity companies.
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