Seoul: Hanwha Engine on Friday reported its second-quarter net profit of 33.2 billion won (US$23.1 million), marking a 54 percent increase from the same period last year.

According to Yonhap News Agency, the company, which is part of Hanwha Group, a major arms manufacturer, disclosed in a regulatory filing that its operating profit for the quarter was 37.9 billion won, compared to 33.8 billion won a year earlier. However, sales experienced a decline of 6.6 percent, totaling 362.2 billion won.

The reported operating profit was 28.4 percent lower than the average estimate, based on a survey conducted by Yonhap Infomax, the financial data firm of Yonhap News Agency. The estimate for net profit was not available.