[Asia Economy Reporter Yoo Hyun-seok] System semiconductor design solution company CoAsia has successfully turned a profit in the third quarter, overcoming the impact of the novel coronavirus disease (COVID-19) in the first half of the year.
CoAsia announced on the 11th that its consolidated financial statements showed third-quarter sales of 172.7 billion KRW, a 46% increase compared to the previous quarter. During the same period, operating profit and net profit reached 3 billion KRW and 2.2 billion KRW respectively, turning positive.
The company stated, “Despite the challenging business environment caused by COVID-19, key subsidiaries such as those in audio components and LED recorded stable performance.” In particular, sales growth was notable in business sectors including wireless earphones, automotive electronics, and home appliance LEDs.
A company representative emphasized, “We are currently conducting multiple service-oriented projects with global companies in the foundry design solution business,” adding, “We will accelerate growth in the foundry business through efforts to expand sales such as individual orders and wafer mass production.”
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