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By Kim Eun-jung
SEOUL, Nov. 6 (Yonhap) -- South Korean defense company LIG Defense & Aerospace Co. (D&A) said Friday it swung to a net loss in the third quarter, weighed down by one-time costs related to a production capacity expansion.
The company posted a net loss of 8.2 billion won (US$6 million), turning from a net profit of 54.2 billion won a year earlier.
Operating profit declined 24.6 percent on-year to 67.6 billion won in the third quarter, while sales rose 2.1 percent to 1.07 trillion won.
Its order backlog stood at 24.5 trillion won as of the end of September.
LIG D&A attributed the net loss partly to a one-time charge of about 22 billion won from demolishing existing facilities to expand production capacity at its plant in the southeastern city of Gumi. Unfavorable exchange rates also weighed on earnings.
Sales increased, driven by deliveries of Cheongung-II medium-range surface-to-air missile systems to the United Arab Emirates (UAE) and Saudi Arabia.
The company also reported sales growth in key business segments, including avionics and electronic warfare (AEW), intelligence, surveillance and reconnaissance (ISR), and unmanned surface vessels.
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