by Ryu Hyunseok
Published 16 Aug.2023 08:24(KST)
MTN, a company specializing in steel drums and automotive parts, announced on the 16th that its operating profit for the first half of this year turned positive to 1.8 billion KRW compared to the same period last year.
MTN's consolidated sales for the first half of 2023 recorded 39.8 billion KRW, operating profit was 1.8 billion KRW, and net profit was 3.0 billion KRW. Sales increased by 161.4% compared to the same period last year, and both operating profit and net profit successfully turned positive. On a separate basis, first-half sales increased by 61.0% year-on-year to 24.6 billion KRW, with operating profit at 900 million KRW and net profit at 3.5 billion KRW, all turning positive compared to last year.
MTN explained that through stable business operations, both consolidated sales and operating profit for the first half of this year increased compared to the previous year. The performance of the electronic components division, acquired in February, was fully reflected from the second quarter of this year, leading to increased sales and improved profitability on a separate basis.
A company representative stated, “Thanks to the growth of the electric vehicle industry, the electronic components division’s sales have increased significantly overall, and the sales volume of products launched after long-term research and development has grown. Following the domestically first-developed PT sensor for electric vehicles, we are promoting mass production of newly developed items, so we expect sales expansion of new products in the second half of the year.”
As high-performance electric vehicles continue to be launched and technological development progresses, the demand level for electric vehicle heating, ventilation, & air conditioning (HVAC) technology is also rising, and the competition in the HVAC market is expected to intensify. Based on the technology used to develop the PT sensor, MTN’s electronic components division is currently conducting joint research on new products with top-tier companies in the automotive industry, anticipating further growth such as entry into the HVAC market.
Additionally, MTN plans to pioneer new supply channels targeting the global market by leveraging the global network of its overseas subsidiary factory in Indonesia and its affiliate, China Gonsan Daekyung Electric Vehicle Battery Co., Ltd. (DKCA), which is building a sales network in the electric vehicle industry.
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