Hanwha Aerospace Co., a defense industry unit of South Korea’s Hanwha Group, said Tuesday its second-quarter operating profit more than quadrupled driven by strong exports to Poland.

Its operating profit soared to a record 358.8 billion won (US$259.1 million) for the April-June period, up sharply from 78.6 billion won a year ago, the company said in a regulatory filing.

Revenue jumped 46 percent on-year to 2.78 trillion won, while net profit slumped 46.6 percent to 159.5 billion won.

The earnings exceeded market expectations. The average estimate of net profit by analysts stood at 118.6 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.

Hanwha Aerospace said the robust performance was largely attributed to the delivery of key defense products, including K9 self-propelled howitzers and Chunmoo multiple launch rocket systems, to Poland.

Under a procurement contract signed in 2022, some units were shipped to Poland during the second quarter, bolstering thei
r financial results.

Additionally, the company’s aviation segment experienced growth, with increased sales of aircraft engine parts, led by rising demand for aircraft maintenance following the easing of COVID-19 pandemic restrictions.

Hanwha Aerospace expects continued strong performance in the coming quarters, supported by the remaining deliveries to Poland and potential new contracts in other regions, including Romania.

Source: Yonhap News Agency