Seoul: Hanwha Aerospace Co., South Korea's leading defense and aerospace company, reported a significant decrease in its fourth-quarter net profit, which stood at 933.7 billion won (US$638.3 million), marking a 54.7 percent drop from the previous year.
According to Yonhap News Agency, despite the decline in net profit, the company's operating profit was recorded at 752.8 billion won for the quarter, a decrease from 899.7 billion won a year ago. However, the company's revenue saw a substantial increase, rising 72.6 percent to reach 8.32 trillion won.
The company's earnings surpassed market expectations, as analysts had estimated the net profit to be around 638.1 billion won, based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency.