(LEAD) Hanwha Ocean-Q1 earnings
(LEAD) Hanwha Ocean's Q1 net more than doubles on LNG projects, improved profitability
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SEOUL, April 27 (Yonhap) -- Hanwha Ocean Co. said Monday its first-quarter net income more than doubled from a year earlier, driven by strong earnings from high-value liquefied natural gas (LNG) carriers and improved profitability across various ship types.
Hanwha Ocean's net profit for the January-March period totaled 500 billion won (US$339.9 million), up a sharp 131.8 percent from a year earlier, the company said in a regulatory filing.
Operating profit for the quarter came to 441.1 billion won, compared with 258.6 billion won a year ago. Sales gained 2.1 percent to 3.2 trillion won.
The operating profit was 17 percent higher than the average estimate, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. The estimate of net profit was not available.
A company official said its commercial shipbuilding division continued to lead growth, supported by a greater share of high-priced LNG carrier projects. The naval and special ship unit maintained stable sales backed by submarine and surface vessel construction, while the energy plant division saw a temporary decline in sales due to project completions.
During the quarter, Hanwha Ocean secured new orders worth about $2.45 billion, including four LNG carriers, seven very large crude carriers (VLCCs) and one wind turbine installation vessel (WTIV).
Looking ahead, the company said it expects profitability to continue improving as sales from high-value shipbuilding projects accelerate.
The company also said its energy plant division will continue to seek new orders centered on competitive products, such as floating production storage and offloading (FPSO) units, floating LNG facilities and offshore platforms.
This file photo, taken July 28, 2025, shows Hanwha Ocean's shipyard in Geoje, about 330 kilometers southeast of Seoul. (Yonhap)
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