Powernet, Record Quarterly Earnings... "Expecting All-Time High Performance in 2020"

[Asia Economy Reporter Yoo Hyun-seok] Powernet announced on the 17th that it recorded consolidated sales of 46.1 billion KRW and operating profit of 2.8 billion KRW in the third quarter. This represents increases of 40% and 131.7%, respectively, compared to the previous quarter.

Despite concerns over poor performance due to ongoing US-China trade disputes and the global spread of COVID-19, the company achieved operating results far exceeding market expectations. The company expects this trend to continue into the fourth quarter.

A company representative stated, “As consumer sentiment in the global home appliance market recovers, demand is surging mainly for displays, and we expect to achieve record-high performance this year. The untact culture and home economy market expansion created by COVID-19 are revitalizing the previously sluggish home appliance market, and we anticipate that this will become a lasting trend even after the end of the pandemic.”

Meanwhile, Powernet expects accelerated growth in its telecommunications business, particularly in the AP terminal sector, which it is nurturing as a future core industry, following better-than-expected performance. At the same time, the company is fully committed to developing product lines equipped with smart home appliance WiFi modules and 5G communication functions.

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