Hanwha Ocean Q3 profit surges 68% on high-margin ship orders

What happened: Hanwha Ocean reported third-quarter operating profit up 67.6 percent from a year earlier, driven by high-priced vessel construction and a recovery in its offshore energy business. Key numbers: Operating profit 485.7 billion won ($366.8 million) versus 289.8 billion won a year earlier. Why it matters: Commercial shipbuilding operating profit rose 54 percent on-year to 471.8 billion won, while the naval division swung to an operating loss of 70.6 billion won, weighing on overall earnings. The energy plant division returned to profit at 91.4 billion won.

Hanwha Ocean reported third-quarter operating profit up 67.6 percent from a year earlier, driven by high-priced vessel construction and a recovery in its offshore energy business.

Commercial shipbuilding operating profit rose 54 percent on-year to 471.8 billion won, while the naval division swung to an operating loss of 70.6 billion won, weighing on overall earnings. The energy plant division returned to profit at 91.4 billion won.