Hanwha Ocean's shipyard in Geoje, South Gyeongsang Province / Korea Times photo by Kim Hyeong-joon

Major Korean shipbuilder Hanwha Ocean said Wednesday it swung to profit in 2023 amid a surge in sales.

Consolidated net profit stood at 160 billion won ($119.8 million) last year, a sharp turnaround from a loss of 1.74 trillion won a year earlier, the company said in a regulatory filing.

Sales jumped 52.4 percent on-year to 7.4 trillion won, but its operating balance remained in the red. Yet, its operating loss narrowed to 196.5 billion won last year, compared with a shortfall of 1.61 trillion won a year earlier.

In the fourth quarter of last year, Hanwha Ocean chalked up 286 billion won in net income, turning from a loss of 430.3 billion won a year earlier.

Sales surged 53.9 percent to 2.23 trillion won for the October-December 2023 period, but it posted an operating loss of 48.8 billion won, compared with a loss of 416.1 billion won a year earlier.

Hanwha Ocean, formerly Daewoo Shipbuilding & Marine Engineering (DSME), set sail as the shipbuilding arm of Hanwha Group last year. (Yonhap)