Ubivelox Q3 Operating Profit 10.8 Billion KRW... Up 63.6% YoY

[Asia Economy Reporter Oh Ju-yeon] Ubivelox announced on the 9th that it achieved a consolidated operating profit of 10.8 billion KRW in the third quarter of this year. While sales amounted to 209.7 billion KRW, a 0.9% decrease compared to the previous year, operating profit increased by 63.6% year-on-year to 10.8 billion KRW, exceeding market expectations. This performance significantly surpasses the total profit of 7.8 billion KRW in 2019 and marks the first time since 2012 that operating profit has exceeded 10 billion KRW.

Ubivelox has recently seen a sharp rise in profits. Operating profit increased by 23.6% year-on-year in the first half of the year and continued to grow with a 63.6% increase in the third quarter.

A representative from Ubivelox stated, "We are recording the highest-ever performance this year," adding, "This is due to the continuous expansion of our market share in the domestic smart card market and the beginning of reflected results from new business ventures. Separate operating profit also increased by 65% compared to the previous year."

They also said, "With the stable growth of our affiliates, we have achieved a remarkable turnaround by significantly reducing past losses," and added, "In particular, next year, we expect to show even better results through strengthening our market position in the domestic IC chip standard business and the newly launched MyData business."