Daemyung Corporation Reports Operating Profit of 3.6 Billion KRW Last Year, Down 60.6% YoY
[Asia Economy Reporter Dongwoo Lee] Daemyung Corporation announced on the 13th that it recorded consolidated sales of 216.2 billion KRW and operating profit of 3.6 billion KRW last year. While sales and operating profit decreased by 23.0% and 60.6% respectively compared to the same period last year, net profit turned positive at 63.2 billion KRW.
The company explained that the temporary decline in performance compared to 2018 was due to the exclusion of results from the resort business segment, which was wound down to pursue new business ventures. On the other hand, net profit significantly expanded as gains from the transfer of resort equity were reflected in the earnings. Daemyung Corporation transferred its resort business to an affiliate in July last year with the aim of entering new business fields.
Daemyung Corporation aims to improve the company's structure this year based on the stable growth trend of its core business, the corporate consumables (MRO) sector.
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A company official stated, "We are currently focusing on building new business momentum through the rental business, which applies the expanded MRO business," adding, "We plan to combine the competitiveness of our core areas with the infrastructure of Daemyung Sono Group to establish a new flagship business."
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