Hanwha Systems posted second-quarter revenue of 1.12 trillion won and operating profit of 103.7 billion won this year. Revenue rose 45 percent and operating profit jumped 219 percent from a year earlier. The figures are preliminary results based on consolidated financial statements. Net profit was 52.7 billion won, up 14 percent from a year earlier.

The defense business led the results. Large overseas export projects were the direct driver of higher revenue, including sights and fire-control systems for Poland’s K2 tanks and Cheongung-II multi-function radar (MFR) for the United Arab Emirates and Saudi Arabia.

Domestic mass-production programs also contributed to performance. Major projects progressed steadily, including the combat management system (CMS) for the next-generation Ulsan-class Batch-III (FFX Batch-III) frigate, active electronically scanned array (AESA) radar and avionics for the KF-21 Korean fighter, and the fourth mass-production batch of sights and fire-control systems for K2 tanks.

The ICT business supported results through system-build projects for affiliates. These include a next-generation system for Hanwha Life, an enterprise resource planning (ERP) system for Hanwha Philly Shipyard, and a smart-plant 구축 for Hanwha Aerospace.

On a cumulative first-half basis, the company posted revenue of 1.92 trillion won and operating profit of 138.0 billion won. Revenue rose 32 percent and operating profit increased 109 percent from a year earlier.

However, first-half cumulative net income was a loss of 43.0 billion won, swinging from a profit of 70.7 billion won a year earlier. The change reflected a loss of 115.7 billion won in profit from continuing operations before income tax expense in the first quarter. The order backlog stood at 11.3 trillion won as of the end of the second quarter.

Hanwha Systems plans to continue its growth momentum by expanding its export portfolio this year while continuing to win orders for major domestic projects, the company said.

A Hanwha Systems official said, "Stable revenue from large export projects and major domestic mass-production programs drove the improvement in results." The official added, "We will firmly build a foundation for sustainable growth by developing overseas markets and strengthening core technological capabilities."