Global SM Achieves Best Quarterly Performance... "Surpasses Last Year's Operating Profit"
[Asia Economy Reporter Yoo Hyun-seok] Global SM, a fastener specialist company, has achieved its highest quarterly performance since its listing. Based on cumulative results for the third quarter, it has significantly surpassed last year's full-year operating profit.
On the 25th, Global SM announced that its consolidated operating profit for the third quarter of this year increased by 40.6% compared to the same period last year, recording 3.2 billion KRW (17.76 million yuan). During the same period, net profit increased by 23.2% to 1.2 billion KRW (6.74 million yuan), and sales rose by 14.6% to 32.6 billion KRW (182.48 million yuan).
The cumulative consolidated operating profit for the third quarter increased by 586.8% compared to the same period last year, reaching 7.3 billion KRW (41.93 million yuan), surpassing last year's full-year operating profit of 5.9 billion KRW (34.81 million yuan). During the same period, cumulative net profit was 3.6 billion KRW (20.34 million yuan), and sales were 90.6 billion KRW (518.19 million yuan), increasing by 1165.2% and 30.8% respectively compared to the same period last year.
A Global SM official stated, "All overseas subsidiaries are delivering uniformly strong results, achieving the highest quarterly and cumulative performance since our listing," and explained, "This year, new sales related to eco-friendly vehicles such as electric vehicle batteries and hybrid cars, along with demand deferred after COVID-19 and the normalization of factory operations, have continued to drive sales growth."
He added, "As the fundamental profit structure improves, we expect to continue delivering strong performance."
Hot Picks Today
Taking Annual Leave and Adding "Strike" to Profiles, "It Feels Like Samsung Has Collapsed"... Unsettled Internal Atmosphere
- There Is a Distinct Age When Physical Abilities Decline Rapidly... From What Age Do Strength and Endurance Drop?
- "One Comment Could Lead to a Report": 86% of Elementary Teachers Feel Anxious; Half Consider Resignation or Career Change
- "After Vowing to Become No. 1 Globally, Sudden Policy Brake Puts Companies’ Massive Investments at Risk"
- On Teacher's Day, a Student's Gifted Cake Had to Be Cut into 32 Pieces... Why?
Global SM started supplying fasteners for electric vehicle batteries to major domestic secondary battery companies through its Tianjin, China subsidiary this year. Based on high-strength fastener technology directly related to the safety of electric vehicle batteries and the production capacity of its Spain factory, the company plans to enter the European electric vehicle market.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
