Hanwha Ocean's shipyard on Geoje Island, South Gyeongsang Province / Courtesy of Hanwha Ocean

Hanwha Ocean on Wednesday reported its first-quarter net income of 51 billion won ($37.2 million), shifting from a loss of 120.4 billion won a year earlier.

Operating profit for the January-March period was 52.9 billion, compared with a loss of 62.8 billion won a year ago, the company said in a regulatory filing. Sales rose 58.6 percent to 2.28 trillion won. (Yonhap)