South Korea’s Hanwha Defense said on 30 June that it has demonstrated “improved performance” during the first six months of 2020 despite the impact of the Covid-19 pandemic.
The company said in a statement that it has secured new orders worth KRW1.2 trillion (USD1 billion) in the first half of the year, an increase of KRW370 billion over projected orders for the period.
Hanwha Defense has reported a robust level of new orders for the first half of 2020 despite the impact of Covid-19. These orders include a contract to mass-produce a 30 mm self-propelled anti-aircraft gun system (pictured) for the South Korean military. (DAPA)
In addition, the company said that its order-book outlook for the second half of 2020 “is also bright”. Hanwha Defense said it expects orders during the July-December period to reach KRW1 trillion. It added that expected total order levels for 2020 are now projected to be nearly double the number recorded in 2019. Turnover and profit figures were not disclosed.
The majority of new orders were secured with the Republic of Korea Armed Forces, although the company said it continued to deliver on export contracts. Hanwha Defense said that while its pursuit of new export orders has been impacted by Covid-19, it continues to have consultations with customers about meeting requirements.
Major contracts secured by Hanwha Defense during the first half of 2020 included a KRW250 billion deal to mass-produce a recently developed 30 mm self-propelled anti-aircraft gun (SPAAG) system based on the chassis of the Hyundai Rotem K808 8×8 armoured vehicle. This contract was announced by South Korea’s Defense Acquisition Program Administration (DAPA) on 27 June.
Looking to read the full article?
Gain unlimited access to Janes news and more...
