Hanwha Group Chairman Kim Seung-youn has underscored the spirit of a "great challenger" once again, urging the group's employees to be more audacious without being swayed by the market cycle or external factors. "We should write a new history of another 100 years with a spirit of tenacity and unwavering belief," Kim said in an address to employees on Thursday, a day after the group's 72nd anniversary. He reiterated the importance of having the mindset of a challenger, a notion he introduced during his New Year's address. The idea refers to an aggressive and active approach to business even at a time when the market is in an unfavorable phase. He praised the group's key defense affiliates, such as Hanwha Aerospace and Hanwha Systems, for achieving a robust earnings performance. Hanwha Aerospace attained an earnings surprise in the second quarter when its operating profit on defense business surged by 1,089 percent from a year ago. Hanwha Systems also achieved operating profit growth of 135 percent during the same period. In July, the company also clinched a multifunction radar supply contract with Saudi Arabia. But Kim also delivered a bitter pill to the group's petrochemical and energy businesses, whose earnings suffered a drastic fall. Sales of Hanwha Solutions fell by 22.1 percent in the first half from the previous year on growing uncertainties in its petrochemical and solar power businesses. The company ended up incurring an operating loss of 322.2 billion won ($238.4 million) during the same period. The head of Hanwha Group urged the company to get back to the basics and renew its push for innovation. The affiliate is one of the group's major growth drivers for the past decades, so Kim advised the company to let go of any sense of complacency for its sustainable growth. Kim also encouraged Hanwha Ocean, the shipbuilding arm of the group, to dream big until it rises to become the global maritime business leader. (ICE SEOUL)

Fonte notizia: The Korea Times