[Asia Economy Reporter Jang Hyowon] MI Tech (CEO Park Jinhyung), a manufacturer of non-vascular stents, announced on the 14th through its semi-annual report that its consolidated sales for the first half of the year reached 17.7 billion KRW, an 18.7% increase compared to the same period last year, continuing steady growth.
According to the semi-annual report, MI Tech reported a consolidated operating profit of 3 billion KRW and a net profit of 3.8 billion KRW, increasing by 57.3% and 62.6% respectively. On a separate basis, operating profit was 3.1 billion KRW and net profit was 3.6 billion KRW, up 62.2% and 55.6% respectively. These results were attributed to increased sales from expanded domestic and overseas market share and cost reduction efforts.
A company representative stated, “In the first half, growth was driven by market share expansion through new product launches in the Japanese market, and in the second half, we plan to achieve continuous growth through new product launches in the U.S. market.” He added, “Through active sales and marketing of our new businesses in endoscopy and diagnostic kits, we will continue to grow as a global medical device company.”
MI Tech is expected to launch new extracorporeal shock wave lithotripsy devices and new and upgraded blood glucose meters in the second half of the year. The company is anticipated to build a sustainable growth business model through continuous investment in all business areas including lithotripsy devices and blood glucose meters beyond stents.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
