[Public Notice+] Willings Q1 Sales 16.1 Billion KRW... Up 51.6% YoY

[Asia Economy Reporter Eunmo Koo] Solar energy company Willings announced on the 15th through a public disclosure that its individual financial statements showed sales of 16.1 billion KRW in the first quarter of this year, an increase of 51.6% compared to the same period last year.

The significant sales growth was driven by new revenue from communication battery packs applied to the 5G network construction project in Japan. Willings achieved its first supply contract for battery pack products in December last year and succeeded in securing additional orders this year, strengthening its product lineup.

In particular, the second order volume accounts for 57% of the total sales in 2019. Discussions for follow-up supply are currently ongoing, and sales growth is expected to continue.

On the other hand, due to upfront expenses for new business and delays in solar power construction, the company recorded an operating loss of 1.3 billion KRW and a net loss of 600 million KRW. The company explained that initial costs such as development expenses for the battery pack business, which has become a new revenue item, occurred, and the solar power business slowed down due to the impact of COVID-19.

A Willings representative said, “While clear external growth is expected with the addition of sales from the battery pack business, we plan to focus on cost reduction, so profitability improvement is also anticipated. Along with the resumption of solar power installations delayed by COVID-19, the performance of our core inverter business will also recover.”

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