Hanwha Ocean Co., South Korea’s third-largest shipbuilder, has reported a significant turnaround in its financial performance for the first quarter, showcasing strong earnings fueled by increased sales of high-end vessels and a favorable weaker won. On Wednesday, the company revealed an operating profit of 52.9 billion won ($38.6 million) for the January-March period, a stark contrast to the 62.8 billion won loss reported in the same period last year.
The shipbuilder, previously known as Daewoo Shipbuilding & Marine Engineering Co., also saw a dramatic 58.6% increase in sales, reaching 2.3 trillion won. This growth led to a net profit of 51 billion won, rebounding from a substantial loss of 120.4 billion won a year earlier.
Since its acquisition by the Hanwha Group last year for 2 trillion won and subsequent rebranding to Hanwha Ocean, the company has been strategically focusing on profitability. Measures have included selective order taking and enhancing cost efficiency across its operations. This strategic shift appears to be yielding positive results, positioning Hanwha Ocean for continued growth in the competitive shipbuilding market.
