[Asia Economy Reporter Jang Hyowon] Korea Technology, the largest shareholder of Daewoo Shipbuilding & Marine Engineering Construction (Chairman Kim Yongbin) and the official distributor of Xiaomi in Korea, succeeded in turning a profit in the first half of 2020.
Korea Technology, a KOSDAQ-listed company, announced on the 14th through a public disclosure that it succeeded in turning a profit in both consolidated operating profit and net income for the first half of this year.
Korea Technology's consolidated sales for the first half of 2020 amounted to approximately 141.5 billion KRW (+49.5 billion KRW), an increase of more than 1.5 times compared to the same period last year.
Operating profit reached about 3.4 billion KRW (+10.4 billion KRW), and net income was about 3.2 billion KRW (+5.7 billion KRW), recording profits in both indicators.
This is the first time in six years since 2014 that Korea Technology has recorded profits in both operating profit and net income.
The increase in construction sales and profits of its subsidiary, Daewoo Shipbuilding & Marine Engineering Construction, along with the continuous growth of the Xiaomi business, are interpreted as the driving factors behind the overall performance improvement.
A company official stated, “Sales in the construction sector are increasing, and the Xiaomi-related business is also continuously growing through phased strategies. We will further strengthen our internal capabilities with efficient business plans to prepare for the untact era.”
He also emphasized, “Since Xiaomi-related sales will be fully reflected starting from the second half of the year, we expect sales and profits to increase further in the second half.”
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