Nexten Bioscience Reports 13 Billion KRW in Q3 Sales, Up 113% Year-on-Year

[Asia Economy Reporter Jang Hyowon] Nexten Bioscience announced on the 15th that despite the ongoing uncertainties caused by COVID-19, its sales in the CNC automatic lathe business, its core operation, increased, resulting in a 113% year-on-year increase in third-quarter sales.

The third-quarter sales this year amounted to 13 billion KRW, an increase of 6.9 billion KRW compared to 6.1 billion KRW in the third quarter of the previous year, and operating profit also turned positive at 300 million KRW compared to the same period last year.

Net profit turned to a loss, recording a deficit of 5.4 billion KRW, which is attributed to the investment asset valuation of EV Advanced Materials held by Nexten Bioscience and the convertible bond valuation loss of Dynamic Design.

A representative of Nexten Bioscience stated, “Along with the strong third-quarter performance and the implementation of With-Corona, we expect a recovery in the machine tool industry and hope to secure a steady sales base. We will continue to grow our performance through the rapid commercialization of the bio new business sector alongside our core CNC automatic lathe business.”

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