Tinkware Reports Q1 Operating Profit of 100 Million KRW, Down 85% Year-on-Year

[Asia Economy Reporter Moon Hyewon]Thinkware announced on the 14th that it recorded consolidated sales of 38.5 billion KRW, operating profit of 100 million KRW, and net profit of 200 million KRW for the first quarter of this year. On a separate basis, sales were 35.6 billion KRW, operating profit 1 billion KRW, and net profit 1.1 billion KRW.

Compared to the same period last year, sales decreased by 19% and operating profit by 85%. Overseas sales increased by 37% year-on-year to 7.7 billion KRW as the supply of black boxes to Japan continued to grow. Separate profits slightly increased compared to the same period last year due to improved cost ratios and the elimination of one-time expenses, but consolidated profits decreased due to the impact of subsidiaries.

A Thinkware representative said, "The outbreak of the novel coronavirus disease (COVID-19) caused an overall contraction in the consumer market and delays in domestic and overseas supply, resulting in fluctuating performance. We plan to focus on securing profitability through strengthening product lineups, securing stable supply channels, and operational efficiency, as well as company-wide crisis response to overcome the situation."

Thinkware plans to continuously expand connected functions linking black boxes and smartphones this year. It will also expand its map platform business. In particular, based on its proprietary big data platform built on map software and traffic/driving data, it intends to actively seek policy projects related to government digital infrastructure construction.

Based on the Inavi brand and nationwide distribution channels, it is expected to expand sub-brand businesses such as environmental home appliances and outdoor products. It is preparing to launch environmental home appliance products based on the technology development and sales know-how of the vehicle air purifier brand 'Blue Vent.' The outdoor brand 'Inavi Sports' plans to strengthen its follow-up lineup, including the electric kickboard 'Road Gear.'

The map platform development subsidiary, Inavi Systems, is operating the mobile navigation service 'Inavi Air' and the National Transportation Information Center business. The outdoor service platform company, Beagle, plans to commercialize an AI-based big data platform this year, along with building a forest big data platform using location information of its 1.3 million members.

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