Latest news with #Chunmoo
Korea Herald
20-04-2025
- Business
- Korea Herald
4 major defense firms set to report robust results in Q1
South Korea's four major defense industry companies are estimated to report robust earnings results for the first three months of the year on increased orders, a survey showed Sunday. The four defense firms -- Korea Aerospace Industries Co., Hanwha Aerospace Co., Hyundai Rotem Co. and LIG Nex1 Co. -- are expected to report a combined operating profit of 657 billion won ($461 million) in the first quarter, compared with 197.1 billion won posted in the first quarter of last year, according to a survey of local brokerages conducted by Yonhap Infomax, the financial news arm of Yonhap News Agency. Their combined sales are projected to jump 24.5 percent on-year to 5.1 trillion won, the survey showed. Hanwha Aerospace is expected to be the best performer among the four majors. Its operating profit is estimated to soar to 328.7 billion won in the March quarter from 37.4 billion won a year ago, while sales will jump 14.7 percent on-year to 2.12 trillion won. Strong overseas demand for its mainstay products, including the K-9 self-propelled howitzer and Chunmoo multiple launch rocket system, drove up Hanwha Aerospace's first-quarter outlook, according to brokerages. Global demand for Korean-made defense products has been on the rise amid the prolonged Russia-Ukraine war, escalating conflicts in the Middle East and the strategic rivalry between the United States and China. To meet such a demand, Hanwha Aerospace said last month it will invest 11 trillion won for four years through 2028 to become a global top-tier player in the defense industry. It aims to achieve an operating profit of 10 trillion won on sales of 70 trillion won in 2035. Helped by strong demand for its K2 Black Panther battle tank, Hyundai Rotem looks set to post an operating profit of 201 billion won in the first quarter, soaring from 44.68 billion won a year ago. Its sales are set to jump 71.3 percent on-year to 1.28 trillion won from 747.78 billion won. KAI, the country's sole aircraft manufacturer, is forecast to report an operating profit of 57.3 billion won, up 19.4 percent from a year ago. Its sales are set to rise 9.6 percent to 811 billion won. KAI expects its earnings will improve in the second half as it aims to receive 8.5 trillion won in fresh orders to build aircraft, including the FA-50 light attack aircraft and the Surion utility helicopter, in countries like the Philippines and the Middle East. (Yonhap)
Korea Herald
18-04-2025
- General
- Korea Herald
Army holds nighttime firing drills in border county of Goseong
The Army conducted a nighttime firing exercise in the border county of Goseong earlier this week, the armed service said Friday, in efforts to bolster readiness against potential North Korean provocations. About 300 troops from the Army's Third Corps took part in the exercise conducted Wednesday and Thursday in the coastal county of Goseong, some 160 kilometers northeast of Seoul, according to the Army. The drills mobilized some 40 pieces of key equipment, including the K9A1 self-propelled howitzer, the Chunmoo multiple rocket launcher and surveillance equipment, such as a counter-battery radar and an unmanned aerial vehicle, it added. In the exercise, troops detected a simulated enemy provocation using the radar and fired in response. They then confirmed the outcome using a UAV and fired again in a show of swift firepower. "The Army will strive to establish a military readiness posture to respond overwhelmingly to any enemy provocation through practical education and training at combat sites," it said. The Army said safety guidelines were shared with the local community prior to the exercise and implemented during the drills in cooperation with the Coast Guard. (Yonhap)
Korea Herald
28-03-2025
- Business
- Korea Herald
Arms agency chief discuss K9, cooperation in Norway
The head of the state arms procurement agency held talks with key defense officials in Norway earlier this week to discuss arms industry cooperation and the operation of the South Korean K9 self-propelled howitzer, officials said Friday. Seok Jong-gun, minister of the Defense Acquisition Program Administration, met Norway's State Secretary of Defence Andreas Flam on Wednesday, according to DAPA. In the meeting, they discussed Norway's operation of self-propelled howitzers, as well as potential upgrades and additional supplies of the K9 weapons system for the Scandinavian nation. Seok also introduced the Chunmoo multiple launch rocket system as a weapons system that could be supplied at an optimal period for Norway's bid to acquire long-range precision strike weapons systems, DAPA said. In his meeting with Oyvind Kvalvik, deputy director general at the Norwegian Defence Materiel Agency, Seok discussed ways to strengthen arms cooperation, such as research and development, in areas that included space, missile and electronics warfare. Norway is among the nine countries outside of South Korea that have acquired the K9, along with Australia, Egypt, Estonia, Finland, India, Poland, Romania and Turkey. (Yonhap)
Korea Herald
11-02-2025
- Business
- Korea Herald
Hanwha scion cements leadership as defense unit hits record earnings
Hanwha Aerospace has logged record sales year for two years in a row last year as the Korean defense firm's overseas sales surpassed domestic sales for the first time in the history of the company. According to Hanwha Aerospace's regulatory filing on Monday, the company posted 11.25 trillion won ($7.74 billion) in revenue and 1.72 trillion won in operating profit in 2024, up 43 percent and 190 percent on year, respectively. With the record-breaking figures, Hanwha Aerospace also became the first Korean defense firm to surpass the yearly revenue of 10 trillion won and operating profit of 1 trillion won. Hanwha Aerospace pointed out that its defense segment led the unprecedented numbers as it raked in about 7 trillion won in revenue and 1.57 trillion won in operating profit by selling various land defense systems such as the K9 self-propelled howitzer, multicaliber rocket artillery system Chunmoo and 120-milimeter self-propelled mortar system Skyfall. The company turned in 4.83 trillion won in revenue and 892.5 billion won in operating profit in the fourth quarter of last year alone thanks to overseas exports and an increase in domestic deliveries. Hanwha Aerospace underlined that its exports amounted to around 4.4 trillion won while its domestic sales reached 4 trillion won, highlighting the company's true leap into becoming a global company. As Hanwha Aerospace's backlog for land defense systems stood at 32.4 trillion won at the end of last year, the company added that it expects its sales to continue growing this year as well. Meanwhile, Hanwha Aerospace's board of directors has approved acquiring Hanwha Impact Partner's 5.0 percent stake and Hanwha Energy's 2.3 percent stake in Hanwha Ocean, the conglomerate's shipbuilding affiliate, at the price of some 1.3 trillion won. With the stake buyout, Hanwha Aerospace will hold a 42 percent stake in Hanwha Ocean and solidifies its position as the biggest shareholder of the shipbuilding company. Hanwha Ocean has been gaining momentum due to growing anticipations over collaboration with the US' ailing shipbuilding industry and US President Donald Trump calling for Korea's cooperation in the shipbuilding sector. As a result, Hanwha Group Vice Chairman Kim Dong-kwan, the eldest son of Hanwha Group Chairman Kim Seung-youn, has bolstered his leadership and influence within the conglomerate as the vice chairman is in charge of the group's defense, aerospace and energy businesses. 'We were able to expand our portfolio to shipbuilding and maritime businesses with the stake acquisition on top of the existing business profile centered around land defense systems,' said a Hanwha Aerospace official. "With this, we are presenting a vision to become a global total defense and shipbuilding company through a synergy with shipbuilding and maritime businesses that have a large long-term business potential.'
