Seoul: Hanwha Aerospace Co., South Korea's leading defense company, announced a historic milestone on Friday as its quarterly operating profit exceeded 1 trillion won (US$696.2 million) for the first time, driven by substantial growth in its ground defense business.

According to Yonhap News Agency, Hanwha Aerospace's operating profit for the April-June period reached 1.37 trillion won, marking a 58.5 percent increase from the previous year, as per the company's regulatory filing. The company's sales also saw a significant rise, climbing 47.2 percent on-year to 9.29 trillion won. Net income experienced an even more dramatic surge, increasing by 277.5 percent from the same period last year to reach 1.08 trillion won.

The growth trajectory was primarily led by the company's ground defense business, which saw sales rise by 19 percent on-year to 2.1 trillion won. This increase was fueled by a boost in domestic production orders and successful deliveries of its products to international markets, including the shipment of K9 Thunder self-propelled howitzers to Poland.

Hanwha Aerospace's aerospace division also contributed to the positive financial performance, with sales growing by 17 percent on-year to 760 billion won. The division turned a profit in the second quarter, supported by an upswing in defense spending.

The company's shipbuilding subsidiary, Hanwha Ocean Co., also reported remarkable growth, with operating profit and sales jumping by 98 percent and 65 percent on-year, respectively. This surge was attributed to increased sales of high-margin vessels.

Looking ahead, Hanwha Aerospace expressed its commitment to sustaining the growth momentum in the latter half of the year. The company plans to actively engage in government-led research and development projects for advanced aerospace engines, aiming to enhance the country's aerospace export competitiveness.