Seoul: Hanwha Systems Co., a defense solutions unit under South Korea's Hanwha Group, on Friday reported a fourth-quarter net loss of 23.9 billion won (US$16.3 million), marking a significant shift from a profit of 359.9 billion won a year earlier.

According to Yonhap News Agency, the company disclosed in a regulatory filing that it recorded 9.4 billion won in operating profit for the quarter. This figure represents a decrease compared to the 29.1 billion won reported in the same period last year. Despite this, Hanwha Systems experienced a 49.8 percent increase in revenue, reaching 1.39 trillion won.