Hanwha Ocean Reports Q3 Operating Profit of 289.8 Billion Won, Up Tenfold Year-on-Year

LNG Carriers Maintain 60% Share
Quarterly Profit Slows Due to Labor Agreement Costs
Special Ship Revenue Up 58%, Profitability Expands

Hanwha Ocean announced on the 27th that its consolidated operating profit for the third quarter of this year reached 289.8 billion won, more than ten times higher than the same period last year (25.8 billion won). Revenue was 3.0234 trillion won, up 12% year-on-year.

The company added that, compared to the previous quarter (the second quarter), operating profit decreased by 22% and revenue fell by 8%, citing a reduction in working days due to summer vacations and one-off costs related to the conclusion of wage and collective bargaining agreements.

For the cumulative period from the first to the third quarter of this year, the company recorded 9.4606 trillion won in revenue and 920.1 billion won in operating profit. This represents increases of 26% and 1,235%, respectively, compared to the same period last year.

By business division, the merchant ship division maintained a double-digit operating profit margin as it continued to build high value-added vessels, mainly LNG carriers. Although quarterly profit declined slightly due to fewer working days, profitability remained stable.

The special ship division saw revenue jump 58% from the previous quarter, driven by the full-scale construction of the second "Jangbogo-III Batch-II" submarine and the execution of maintenance, repair, and overhaul (MRO) projects for the U.S. Navy. The offshore division experienced declines in both revenue and profit as major projects entered their final stages.

A Hanwha Ocean official stated, "LNG carriers account for about 60% of total revenue," adding, "As revenue from newly awarded high value-added projects since 2023 is increasingly reflected, we expect the solid operating profit trend to continue."