Polaris Office Incorporated into Polaris Sewon Subsidiary... "Total Assets 317.6 Billion KRW, Zero Bank Loans"

On the 16th, Polaris Office announced that Polaris Sewon has been incorporated as a consolidated subsidiary and reflected in the consolidated balance sheet for the second quarter of this year.

Due to the effect of consolidation, Polaris Office's total assets increased by 320% year-on-year to 317.6 billion KRW. Cash equivalents rose by 656% year-on-year to 146 billion KRW, and a sound financial structure was maintained with no bank borrowings. Following assets, liabilities, and equity, from the third quarter onward, the profits and losses of Polaris Sewon and Polaris Uno will also be fully reflected in the consolidated results.

A Polaris Office official stated, "From the third quarter, the financial status of Polaris Sewon as well as its performance will be fully reflected in the consolidated financial statements, enabling significant performance growth. Based on the increase in cash equivalents due to the disposal of financial assets this quarter and abundant liquidity of 146 billion KRW on a consolidated basis, we will focus on securing new growth engines such as the AI office business and accelerate our efforts."

Polaris Office's cumulative sales for the first half on a consolidated basis increased by 12% year-on-year to 13.2 billion KRW, with an operating profit of 1.1 billion KRW. Sales increased due to the expansion of the office software and collaboration solutions business divisions. Net profit recorded an accounting loss due to the disposal of Selvas Healthcare common stock valuation gains, which were 27.1 billion KRW in the first quarter but reduced to 19.1 billion KRW through on-market sales in the second quarter; however, the cumulative amount stood at 21.6 billion KRW, reflecting only the difference from the first quarter valuation gains.

Polaris Sewon recorded cumulative sales of 77.1 billion KRW, operating profit of 3.5 billion KRW, and net profit of 11.3 billion KRW on a consolidated basis for the first half. Although second-quarter results declined compared to the same period last year due to customer strikes, sales are expected to increase from the third quarter due to deferred effects. The company is focusing on improving its structure by organizing inventory and improving cash flow from operating activities.

A company representative explained, "Polaris Sewon also expects positive performance improvement in the third quarter due to deferred sales effects and improved customer conditions. We are pursuing structural improvement centered on the electric vehicle air conditioning parts business and solid growth."

He added, "Polaris Uno is also focusing on securing new growth engines based on abundant liquidity, so the group as a whole will be able to achieve sustainable growth."

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