韩华海洋二季度盈利大幅超预期但盘中已披露且股价收跌

Hanwha Ocean posted its first-ever first-half operating profit exceeding KRW 1 trillion, driven by deliveries of offshore projects and rising revenue from higher-priced vessels.
Hanwha Ocean reported consolidated revenue of KRW 5.4432 trillion and operating profit of KRW 736.1 billion for the second quarter, the company said on July 27. Revenue increased 70% from the previous quarter, while operating profit rose 67%. Compared with the same period a year earlier, revenue climbed 65% and operating profit surged 98%.
For the first half, cumulative revenue reached KRW 8.6531 trillion and operating profit totaled KRW 1.1772 trillion. Compared with the first half of last year, revenue increased 34% and operating profit rose 87%.
Second-quarter results were driven by improved production efficiency following manufacturing stabilization and an increase in vessel construction volume. Revenue also received a one-time boost from approximately KRW 1.5 trillion in offshore project revenue recognized upon delivery.
Profitability also improved. A larger share of revenue came from high-margin vessel types, including liquefied natural gas (LNG) carriers, while favorable ship prices and exchange rates continued to support earnings. Lower material costs and higher production efficiency also contributed to the increase in operating profit.
Hanwha Ocean secured new orders worth a total of $4.35 billion during the first half, including six LNG carriers, 15 very large crude carriers (VLCCs), three very large ammonia carriers (VLACs), and one wind turbine installation vessel (WTIV).
The company expects earnings momentum to continue in the second half. In the commercial shipbuilding business, construction of higher-priced vessels ordered since 2024 is expected to accelerate, improving both revenue and profitability. In the naval shipbuilding business, revenue is expected to increase as mass production begins on the second Jangbogo-III Batch-II submarine and the fifth and sixth Ulsan-class Batch-III frigates.
The naval business delivered mixed developments during the first half. Hanwha Ocean was selected as the preferred bidder for South Korea's next-generation destroyer (KDDX) detailed design and lead ship construction project, valued at approximately KRW 7.8 trillion. However, in Canada's submarine acquisition program, valued at approximately KRW 60 trillion and announced earlier this month, the company lost preferred bidder status to Germany's thyssenkrupp Marine Systems (TKMS) and was selected as a reserve supplier.
"Performance continues to improve as production stabilizes and revenue recognition increasingly comes from high-margin projects," a Hanwha Ocean official said. "We will continue to strengthen our cost competitiveness and maintain our order strategy focused on high-profit vessel segments."