EM&I, 1Q Operating Profit Turns Positive... "Performance Growth Based on OLED"
Organic Light Emitting Diode (OLED) material company EM&I announced on the 16th that its separate basis first-quarter sales reached 7.7 billion KRW, an increase of 85.16% compared to the same period last year. Operating profit for the same period turned positive at 200 million KRW, and net profit rose 178.86% year-on-year to 300 million KRW.
EM&I supplies OLED materials such as Red Host to DuPont Korea. These are supplied to domestic and international smartphone and IT device end users. The company explained that it succeeded in a turnaround thanks to the recovery of the display industry, driven by strong sales of AI smartphones like the Galaxy S24 series and Galaxy A series, as well as increased smartphone sales in China.
On a consolidated basis, sales and operating profit recorded the same figures as the separate basis due to the business suspension of Suzhou Plastic Science and Technology (Huizhou) Co., Ltd. The loss from discontinued operations due to the business suspension was reflected as non-operating expenses, resulting in a consolidated net profit of 16.3 million KRW. Although this was lower than the separate basis net profit, the company succeeded in turning a profit compared to the same period last year.
The company expects the growth trend in performance to accelerate further from the second quarter. This is because Apple released the iPad Pro with OLED applied for the first time ever, and plans to launch the new iPhone 16 smartphone in the second half of the year, creating an anticipated “Apple effect.”
A company official stated, “Following Apple’s first release of an ‘OLED-applied iPad’ this year, Samsung Display and LG Display are scheduled to supply OLED panels for the iPhone 16,” adding, “Due to the launch of Samsung Electronics’ new foldable phone and other factors, the volume of OLED materials is expected to increase further in the second half of the year.”
Hot Picks Today
At President Lee's Call to "Give Enough to Shock," Whistleblower Rewards Become a Real Lottery
- If a Samsung Electronics Employee with a 100 Million Won Salary Receives a 600 Million Won Performance Bonus, Taxes Total 247.19 Million Won
- Lived as Family for Over 30 Years... Daughter-in-Law Cast Aside After Husband's Death
- "Who Is Visiting Japan These Days?" The Once-Crowded Tourist Spots Empty Out... What's Happening?
- "4.15 Million Won Prada Jacket Shows White Spots After One Wear"...Korea Consumer Agency Orders Full Refund
Regarding the reduction in the scale of convertible bond issuance last month, the company explained, “The scale was reduced to respond to changes in the secondary battery market situation, minimize overhang risk, and attract institutional investors.”
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
