by Ryu Hyunseok
Published 10 Nov.2020 09:25(KST)
[Asia Economy Reporter Hyunseok Yoo] Woori Technology announced on the 10th through a disclosure that its consolidated third-quarter sales increased by 38% year-on-year to 14.8 billion KRW. Operating profit recorded a surplus of 3.8 billion KRW. With this quarter’s profit turning positive, the cumulative operating profit for the third quarter also achieved a turnaround to 2.6 billion KRW.
The profit improvement in the third quarter was the result of balanced growth in sales from new businesses such as the railroad and defense industries, along with increased sales in the nuclear power plant business.
A Woori Technology official stated, “Sales in the nuclear power plant business improved based on new orders, while sales in the railroad business increased thanks to exports of screen doors to Brazil, and the defense industry also recorded stable performance growth, leading to improved third-quarter results. In addition to the increase in sales, proactive investments were made in the bio business until last year, so related costs decreased this year, significantly improving profits.” He added, “Although losses were recorded for two consecutive years until last year, this year we expect to maintain a surplus trend based on the profit turnaround in the nuclear power plant business.”
Woori Technology expects that the improvement in the nuclear power plant business performance, along with the results of new businesses it has invested in becoming visible from this year, will continue the trend of performance improvement starting from this profit turnaround.
In particular, CGO, a subsidiary engaged in offshore wind power generation, is highly likely to see a full-scale improvement in performance from next year through new project orders, which is expected to further accelerate mid- to long-term performance improvement.
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