DaeHan Electric Wire Achieves Profit Turnaround, Q1 Operating Profit of 8.2 Billion KRW "Will Continue Performance Improvement"

[Asia Economy Reporter Changhwan Lee] Daehan Electric Wire announced on the 22nd that it succeeded in turning a profit in the first quarter.

Daehan Electric Wire disclosed that based on separate financial statements, it recorded sales of 363 billion KRW and an operating profit of 8.2 billion KRW in the first quarter of 2020.

Compared to the same period last year, sales increased by more than 15%, and operating profit turned positive. This is the highest performance in six years since 2014 for the first quarter, which is traditionally an off-season in the cable industry, and the company emphasized that this is a remarkable achievement.

It is analyzed that the realization of sales and profits from large-scale projects ordered in the second half of last year in the United States, Kuwait, and other countries played a key role in driving the performance.

A Daehan Electric Wire official said, "Despite the COVID-19 situation, high-profit projects have been progressing smoothly, leading to a significant improvement in performance, achieving more than 30% of last year's operating profit in the first quarter," and added, "We will continue to improve performance through the secured order volume and new project orders in Australia, the United States, and other countries."

He continued, "Including the 130 billion KRW Australian project ordered last year, projects in the United States and Kuwait will continue after the second quarter," and explained, "This year, we are continuing to secure volume by adding new orders from Denmark, Taiwan, the United States, and other countries."

This content was produced with the assistance of AI translation services.