[Public Notice+] AP System "Q1 Operating Profit 7.9 Billion KRW... 146% Increase YoY"

[Asia Economy Reporter Hyunseok Yoo] AP System announced on the 12th that its consolidated net profit for the first quarter reached 8.211 billion KRW, marking a 306% increase compared to the previous quarter and a 1889% increase compared to the same period last year.

Sales amounted to 121 billion KRW, representing a 26% decrease from the previous quarter but a 39% increase compared to the same period last year. Operating profit was 7.9 billion KRW, down 29% from the previous quarter but up 146% year-on-year.

The company explained that the provisions reflected in the fourth quarter decreased relatively in the first quarter, and that exchange rate effects during the period contributed to the increases in operating profit and net profit, respectively. An AP System official stated, “Despite the contraction of the domestic and international display and semiconductor industries due to the COVID-19 pandemic, the first quarter was relatively unaffected in terms of performance.”