Pinetek Q1 Sales Increase 34% Year-on-Year

[Asia Economy Reporter Park Hyungsoo] Organic Light Emitting Diode (OLED) bonding equipment company FineTec's first-quarter sales increased.

FineTec announced on the 15th that its consolidated sales in the first quarter of this year reached 14.5 billion KRW, a 34% increase compared to the same period last year. Operating loss during the same period was 3.2 billion KRW.

Although sales increased, the OLED bonding equipment orders expected earlier this year were postponed to the second half due to the impact of the novel coronavirus (COVID-19). FineTec invested in developing large OLED manufacturing equipment to secure market leadership, which affected short-term profitability.

A FineTec official explained, "Orders for OLED equipment from major clients, which were delayed due to COVID-19, are gradually increasing," adding, "Orders in April and May increased compared to the previous year."

He continued, "Considering the concentration of orders expected in the second half of this year, we anticipate performance improvement."

As part of diversifying its sales structure, FineTec is steadily expanding orders for foldable OLED bonding equipment and developing large OLED bonding equipment. It is expected to secure an OLED bonding equipment lineup ranging from small to large sizes within this year. The secondary battery manufacturing equipment business, launched in August last year, is also seeing visible orders from clients.

A company representative said, "The secondary battery manufacturing equipment business, which is being promoted as a growth engine, is progressing smoothly," and added, "We believe we have successfully entered the market."

He emphasized, "Based on stable OLED bonding equipment order acquisition, we will achieve tangible results this year not only in the secondary battery manufacturing equipment business but also in the large OLED manufacturing equipment business."

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