[Asia Economy Reporter Yoo Hyun-seok] Powernet announced on the 17th that it recorded consolidated sales of 46.1 billion KRW and operating profit of 2.8 billion KRW in the third quarter. This represents increases of 40% and 131.7%, respectively, compared to the previous quarter.
Despite concerns over poor performance due to ongoing US-China trade disputes and the global spread of COVID-19, the company achieved operating results far exceeding market expectations. The company expects this trend to continue into the fourth quarter.
A company representative stated, “As consumer sentiment in the global home appliance market recovers, demand is surging mainly for displays, and we expect to achieve record-high performance this year. The untact culture and home economy market expansion created by COVID-19 are revitalizing the previously sluggish home appliance market, and we anticipate that this will become a lasting trend even after the end of the pandemic.”
Meanwhile, Powernet expects accelerated growth in its telecommunications business, particularly in the AP terminal sector, which it is nurturing as a future core industry, following better-than-expected performance. At the same time, the company is fully committed to developing product lines equipped with smart home appliance WiFi modules and 5G communication functions.
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