Korea Technology's Audit Report 'Unqualified'... "Competing with Xiaomi Killer Items"

[Asia Economy Reporter Jang Hyowon] Korea Technology, a KOSDAQ-listed company (CEO Shin Yonggu, Lee Byunggil), announced on the 23rd through a disclosure that it has submitted an audit report with an 'unqualified' opinion.

According to the disclosure, Korea Technology's consolidated sales increased by approximately KRW 106.9 billion year-on-year to KRW 323.14839 billion, and operating profit increased by about KRW 9.4 billion to KRW 5.17217 billion, achieving a turnaround to profitability.

The company focused on future business innovation and significantly streamlined business risks after restructuring. Concerned businesses underwent restructuring and were written off in the financial statements to improve the financial structure.

In particular, in the Xiaomi sector, instead of expanding the smartphone business, the company plans to increase sales by introducing Xiaomi's killer items equipped with official A/S.

Shin Yonggu, CEO of Korea Technology, said, "Although there were changes compared to the 30% change disclosure of last year's financial statements, we worked hard on restructuring considering various situations," adding, "We received unqualified opinions both individually and on a consolidated basis, completely clearing the stigma of unqualified opinions caused by transactions with affiliates last year."

He also stated, "We will significantly reduce the smartphone segment to meet Korean customers' needs and introduce killer items with maximized cost-effectiveness. Through selection and concentration, we will catch two rabbits: sales and profitability," and expressed confidence, saying, "By minimizing costs through fixed cost reduction and maximizing profits, we will lead a 100% sales growth compared to last year."

Furthermore, in collaboration with its subsidiary Daewoo Shipbuilding & Marine Engineering Construction, the company aims to expand orders for renewable energy-related construction, which is considered a core part of the government's 'Green New Deal' policy. This cooperation is expected to not only benefit from government support but also enhance sales growth and profitability.

A company official explained, "As a result of active order-taking activities to achieve an order backlog of KRW 1.8 trillion this year, exceeding the target is expected," adding, "We will secure growth momentum by establishing a new business development team for expanding the renewable energy business and focus on expanding a large-scale business portfolio."

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