Seoul:Hanwha Engine has announced a substantial decrease in its third-quarter net income, amounting to 11.6 billion won (US$8.6 million), marking a 61.7 percent drop from the previous year.

According to Yonhap News Agency, the company, a subsidiary of South Korea's largest weapons producer Hanwha Group, disclosed in a regulatory filing that its operating profit for the July-September period reached 40.9 billion won, representing a 53.7 percent increase from the same period last year. Additionally, the company's sales rose by 39.1 percent, totaling 413.6 billion won.

Despite the increase in operating profit and sales, Hanwha Engine's net income fell short of market expectations. Analysts had anticipated an average net profit of 41.6 billion won, based on a survey conducted by Yonhap Infomax, the financial data subsidiary of Yonhap News Agency.