Abko Reports Cumulative Q3 Sales of 90.9 Billion Won... "Expecting Market Normalization Since With-Corona"
[Asia Economy Reporter Jang Hyowon] ABKO, a new life platform specialist company centered on gaming gear, announced on the 15th that its cumulative sales on a consolidated basis for the third quarter of this year reached 90.9 billion KRW. This figure represents a 22.6% decrease compared to the same period last year. During the same period, cumulative operating loss was 400 million KRW, and net loss was 1.1 billion KRW.
Consolidated sales for the third quarter amounted to 20.8 billion KRW, with operating loss and net loss both turning to deficits at 4.4 billion KRW each. It was explained that the escalation of social distancing measures due to COVID-19 and the GPU (graphics card) shortage caused by the cryptocurrency boom continued to affect the speed of industry recovery.
An ABKO official stated, “After COVID-19, PC bangs, which were the main domestic sales channels for gaming gear, did not generate sales due to operating hour restrictions, and the GPU price surge caused by cryptocurrency mining combined to significantly impact our performance. Although external factors have made short-term industry recovery difficult, we expect that with the full implementation of ‘With Corona’ (gradual return to normal life), the PC bang industry will begin to normalize.”
He added, “We are preparing for market recovery mainly through domestic and overseas gaming gear businesses by improving internal business structure efficiency. Following recent orders for smart device charging stations, we expect the smart school business to become more active next year, especially centered on local education offices. The home appliance division is also focusing sales efforts on core products to improve performance.”
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Based on its dominant position as the number one gaming gear company in Korea, ABKO is expanding its global B2B (business-to-business) bases to increase overseas sales. Currently, it exports products to more than 50 countries. With the goal of becoming a global gaming gear brand, the company is strengthening its research and development (R&D) capabilities for gaming gear and computer-related devices and diversifying its product lineup to include gaming laptops and gaming monitors.
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