SEOUL, Major South Korean shipbuilder Hanwha Ocean Co. said Wednesday it swung to profit in 2023 amid a surge in sales.

Consolidated net profit stood at 160 billion won (US$119.8 million) last year, a sharp turnaround from a loss of 1.74 trillion won a year earlier, the company said in a regulatory filing.

Sales jumped 52.4 percent on-year to 7.4 trillion won, but its operating balance remained in the red. Yet, its operating loss narrowed to 196.5 billion won last year, compared with a shortfall of 1.61 trillion won a year earlier.

In the fourth quarter of last year, Hanwha Ocean chalked up 286 billion won in net income, turning from a loss of 430.3 billion won a year earlier.

Sales surged 53.9 percent to 2.23 trillion won for the October-December period, but it posted an operating loss of 48.8 billion won, compared with a loss of 416.1 billion won a year earlier.

Hanwha Ocean, formerly Daewoo Shipbuilding and Marine Engineering Co. (DSME), set sail as the shipbuilding arm of Hanwha Group last year.

Sha
res in Hanwha Ocean closed 0.45 percent up at 22,150 won on the Seoul bourse Wednesday, outperforming the broader KOSPI’s 0.17 percent fall. The earnings result was unveiled before the market closed.

Source: Yonhap News Agency