HCT Reports Operating Profit of 11.1 Billion KRW Last Year, Up 5.9% YoY

[Asia Economy Reporter Park Jihwan] HCT announced on the 25th that it recorded consolidated sales of 63.3 billion KRW and operating profit of 11.1 billion KRW last year. These figures represent an 18.5% increase in sales and a 5.9% increase in operating profit compared to the previous year.

An HCT official explained, "The expansion of front-end industries driven by the acceleration of non-face-to-face trends due to the impact of COVID-19 led the growth in 2021." It is analyzed that sales from testing and certification of new 5G devices, wearable devices, and 5G base station infrastructure positively influenced last year's performance. Additionally, diversification of sales through automotive parts and explosion-proof testing and certification for electric vehicle batteries contributed to the improved results.

In the fourth quarter of last year, consolidated sales amounted to 16.5 billion KRW, an 18.2% increase compared to the same period last year, while operating profit was 1.4 billion KRW, a 39.2% decrease. HCT explained that the 39.2% decrease in operating profit was due to increased labor costs from facility investments and hiring to expand the testing and certification business.

Huh Bongjae, CEO of HCT, stated, "As we expect to benefit from the full-scale development of 5G networks, we will actively pursue new testing and certification and calibration business opportunities."

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