Hanwha Corporation saw its operating income for the first quarter of 2021 triple compared to a year ago.
The company said it recorded operating income of 848.5 billion won in the quarter, an increase of 186% from the same time period a year prior. Net income for the quarter was 819.9 billion won, a 344% surge over the same time period.
Recording earnings in the quarter by main subsidiaries Hanwha Solution and Hanwha Aerospace contributed to profitability, Hanwha said.
Hanwha Solution saw its petrochemical business enjoy high demand, the firm said.
Hanwha Life saw improved profits in its main business, while Hanwha Aerospace saw solid earnings from its defense business as well as orders from the civil sector.
Hanwha said it expected solid performance throughout 2021. Its chemical businesses are expected to benefit from improve market conditions.
The company also expected increased sales from its defense businesses, staring in the second half of the year.
Hanwha Corporation itself will aim to win orders from new businesses, the company said. It will aim to strengthen its precision chemical business, which supplies products for use in semiconductors and displays.