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SEOUL, July 27 (Yonhap) -- Hanwha Ocean Co., the shipbuilding arm of South Korea's Hanwha Group, said Monday its second-quarter net profit more than quadrupled from a year earlier, driven by higher-margin ships and a weaker won.

Net profit for the three months that ended in June surged to 692.6 billion won (US$471.9 million) from 148.5 billion won a year earlier, the company said in a press release.

"Orders for high-value ships began to be reflected in the bottom line in the second quarter. Higher vessel prices and the won's weakness against the dollar also helped boost earnings," a company spokesperson said.

Operating profit jumped 98 percent to 736.1 billion won in the second quarter from 371.7 billion won a year earlier, while sales rose 65 percent to 5.44 trillion won from 3.29 trillion won.

For the first six months of the year, net profit more than tripled to 1.19 trillion won from 364.2 billion won a year earlier.

First-half operating profit jumped 86.8 percent on-year to 1.17 trillion won from 630 billion won, while sales climbed 34 percent to 8.65 trillion won from 6.43 trillion won.

In the first half, the company secured 6.4 trillion won worth of orders for liquefied natural gas (LNG) carriers, very large crude carriers (VLCCs) and other high-value vessels.

The company, meanwhile, has outlined an annual order target.

kyongae.choi@yna.co.kr

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