[Public Notice+] Korea Technology Turns Operating Profit Positive in H1... Q2 Sales Jump Significantly

[Asia Economy Reporter Jang Hyowon] Korea Technology, the largest shareholder of Daewoo Shipbuilding & Marine Engineering Construction and the official distributor of Xiaomi in Korea, succeeded in turning a profit in the first half of this year.

Korea Technology announced on the 31st that it achieved an operating profit turnaround in the first half of this year and recorded nearly double the sales in the second quarter compared to the same period last year.

Korea Technology achieved sales of approximately 141.5 billion KRW in the first half of this year. This is an increase of 49.6 billion KRW, or 54%, compared to sales of about 91.9 billion KRW in the first half of the previous year. Looking at the second quarter results alone, the sales growth rate reached 84.30%.

The improvement in second quarter results is attributed to the inclusion of construction sector sales and Xiaomi distribution business sales. Operating profit improved dramatically from a loss of about 6.9 billion KRW in the first half of last year to a profit of 3.4 billion KRW, an improvement of 10.4 billion KRW.

Korea Technology expects that the expansion of sales from Daewoo Shipbuilding & Marine Engineering Construction’s construction orders as well as Xiaomi’s sales performance will further drive overall performance improvement, predicting record-breaking results in the second half of the year as well.

A company official stated, “The first half results can be seen as the beginning of an earnings surprise,” adding, “We expect even more remarkable individual and consolidated operating results in the second half when Xiaomi distribution performance is fully reflected.”

He added, “We are also preparing a mega construction project with our subsidiary Daewoo Shipbuilding & Marine Engineering Construction.”

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