[Public Notice+] NS Reports Operating Profit of 2.5 Billion KRW in H1, Up 191% YoY

[Asia Economy Reporter Yoo Hyun-seok] NS, a company specializing in secondary battery systems, announced on the 11th that it recorded consolidated sales of 30.1 billion KRW, operating profit of 2.5 billion KRW, and net profit of 2.7 billion KRW for the first half of the year. These figures represent increases of 69% in sales, 191% in operating profit, and 110% in net profit compared to the same period last year.

Although it was expected that sales recognition would be delayed due to difficulties in overseas installations caused by the novel coronavirus disease (COVID-19), the company achieved better-than-expected results.

A company official stated, "Since most of our sales are exports, it was challenging in the first quarter to install products for overseas clients due to COVID-19. However, despite the confusion caused by travel restrictions between countries in the second quarter, employees dispatched to China, the United States, and Europe worked hard on installation tasks, which allowed a significant portion of sales to be recognized."

He added, "Although COVID-19 continues, with the growth of the secondary battery market, we expect to show even better performance in the second half of the year through maintaining product production, actively securing orders, and operating with a focus on sound management."

Meanwhile, as of the second quarter, NS maintains an order backlog of approximately 100 billion KRW. The company also follows a completed contract accounting standard, recognizing sales after product installation and trial production.

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