Hanwha Engine Q3 net profit down 61.7% to $8.6 mil.
The joint exhibition pavilion of Hanwha Ocean, Hanwha Engine and Hanwha GasTech / Courtesy of Hanwha Group
By Yonhap
Hanwha Engine on Friday reported its third-quarter net income of 11.6 billion won ($8.6 million), down 61.7 percent from a year earlier.
The company, which is part of Korea's largest weapons producer Hanwha Group, said in a regulatory filing that its operating profit for the July-September period stood at 40.9 billion won, up 53.7 percent from a year ago. Sales also rose 39.1 percent to 413.6 billion won.
The earnings failed to meet market expectations. The average estimate of net profit by analysts stood at 41.6 billion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.