South Korean shipbuilder Hanwha Ocean swung back into profit during its 2023 financial year, posting a net profit of KRW 160bn ($119.8m) compared with a loss of KRW1.74tn a year earlier, when it was known as Daewoo Shipbuilding & Marine Engineering.

The shipyard group reported that its sales jumped 52.4% year on year to KRW 7.4tn, although its operating balance remained in the red.