[Public Notice+] Estrafic Reports 3.7 Billion KRW Operating Loss in Q2 Due to Continued Overseas Investments

[Asia Economy Reporter Geum Bo-ryeong] Estrafic announced on the 13th that its consolidated operating loss for the second quarter was 3.7 billion KRW, and sales amounted to 14.6 billion KRW.

Sales increased by 63.6% compared to the same period last year, but the deficit widened. The cumulative results for the first half of the year showed an operating loss of 8.7 billion KRW and sales of 21.5 billion KRW.

The expansion in scale was due to significant increases in domestic road projects and global business sales. In February, Estrafic secured a toll collection system project for Busan Port Bridge, and in March, for the Seoul Jemulpo Tunnel. Since June last year, the company has been installing an automated station system in Washington D.C., USA. An Estrafic official explained, "The deficit trend continued as foundational investments for overseas projects were sustained."

Estratfic plans to lead the future transportation market through balanced orders in road, railway, and global sectors in the second half of the year. As of the end of last month, the order backlog stood at 136.7 billion KRW. Expected factors include the construction of the K-City communication shadowing system, the intelligent transportation system on the Western Arterial Road, as well as the expansion of the contract scope for the Washington D.C. automated station equipment project.

An Estrafic official said, "Despite the spread of the novel coronavirus infection (COVID-19), investment in transportation infrastructure is essential," adding, "The next-generation intelligent transportation system and smart city solution markets, where Estrafic has strengths, are growing trends supported by the Korean New Deal policy."