Hurim Robot Achieves 16.5 Billion KRW Net Profit on Consolidated Basis in Q3

[Asia Economy Reporter Hyunseok Yoo] Hurim Robot achieved a turnaround by recording a net profit of 16.5 billion KRW in the third quarter on a consolidated basis. As the efforts for restructuring became visible, the core business also recorded an operating profit on a separate basis.

Hurim Robot announced on the 13th through its third-quarter earnings report that consolidated sales increased by 104% year-on-year to 8.326 billion KRW, and net profit increased by 427% to 16.56 billion KRW. Operating loss during the same period decreased by 1.8 billion KRW compared to the previous year, recording 489 million KRW.

On a separate basis, sales amounted to 6.14 billion KRW, and operating profit was 750 million KRW. Net profit during the same period also turned positive, reaching 17.721 billion KRW.

A Hurim Robot official stated, “Since the beginning of this year, we have been improving management efficiency in our core business by restructuring the business structure, enhancing work efficiency, and strengthening business capabilities, resulting in a turnaround to operating profit on a separate basis. The expansion into mask equipment and quarantine care fields led to improved sales in the third quarter.”

He added, “For overseas expansion of the quarantine care business, the mask production plant has obtained FDA certification and is preparing for European CE certification. Based on overseas expansion, we expect the performance to continue improving in the fourth quarter.”

Meanwhile, Hurim Robot is the largest shareholder of Sambu Construction with a stake of 10.48%. The stock price of Sambu Construction rose about 180% in the third quarter, and the resulting stock valuation gains were reflected in Hurim Robot’s third-quarter earnings, significantly increasing net profit.

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