Korea Technology Achieves Record High 3Q Performance Despite COVID-19

[Asia Economy Reporter Jang Hyowon] Korea Technology, a KOSDAQ-listed company (CEO Shin Yonggu, Lee Byunggil), announced on the 2nd that it achieved its highest-ever third-quarter performance with consolidated sales of approximately KRW 81.6 billion and operating profit of about KRW 1.9 billion.

Korea Technology succeeded in turning a profit in the third quarter with sales of KRW 81.618 billion, a 105.17% increase compared to the same period last year, and an operating profit of KRW 1.922 billion. Accordingly, cumulative sales were tentatively estimated at KRW 223.065 billion, with an operating profit of KRW 5.399 billion.

This is interpreted as a result of continuous orders for its subsidiary Daewoo Shipbuilding & Marine Engineering Construction, new technology development, and favorable factors such as Xiaomi smartphones, for which it is the distributor, entering offline stores of mobile carriers.

Korea Technology achieved a turnaround with consolidated sales of KRW 141.5 billion, operating profit of KRW 3.4 billion, and net profit of KRW 3.2 billion in the first half of this year, and with the record-breaking third-quarter performance, the prospect of achieving the highest annual performance ever has increased.

Shin Yonggu, CEO of Korea Technology, said, “The growth of the Xiaomi business and the strong order performance of our subsidiary Daewoo Shipbuilding & Marine Engineering Construction improved overall results,” adding, “We expect to achieve the highest performance since the company’s founding.”

He especially noted, “Sales of Xiaomi phones at mobile carrier stores have officially started, and positive export negotiations are underway in the automotive electronics business. In construction, the national SOC budget is significantly increasing, which is positive,” and added, “We are also rapidly advancing the smart construction sector that combines construction and IT, which is necessary for the government’s Digital New Deal policy, as well as the ship repair yard business.”

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