[Asia Economy Reporter Jang Hyowon] Wise I Tech, a machine learning and big data specialist company (CEO Kim Jonghyun), announced on the 14th that its sales in the first quarter of this year reached 5.7 billion KRW, a 40.8% increase compared to the same period last year.
The company explained that the increase in product sales was due to growing demand for big data and data quality enhancement in both the public and private sectors.
Operating profit and net income were 30 million KRW and 80 million KRW respectively, showing a steady trend. Regarding this, a company official stated, "In the first quarter, one-time expenses such as listing costs and performance bonuses occurred, limiting profitability improvement to some extent," and added, "From the next quarter, these one-time factors will disappear, and profitability is expected to improve rapidly due to increased product sales."
Meanwhile, despite the overall industry contraction caused by COVID-19, Wise I Tech's main business divisions continue to perform well. Public sector orders are expanding, including a recent contract worth 10 billion KRW for the Bank of Korea information system operation project, and rapid growth in the private sector is anticipated following the passage of the Data 3 Act.
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