[Asia Economy Reporter Hyunseok Yoo] Andyforce announced on the 27th that its consolidated sales for the third quarter increased by 24% year-on-year to 29.7 billion KRW, and operating profit grew by 108.4% to 6.5 billion KRW. Net profit for the same period recorded 9.6 billion KRW, achieving a turnaround to profitability.
On a separate basis, sales and operating profit grew by 37.6% and 87.8% year-on-year to 23.4 billion KRW and 7.3 billion KRW, respectively. Net profit for the same period also turned positive at 10.4 billion KRW.
The main reason for the third quarter performance growth was a significant increase in demand for Andyforce’s mobile tapes as mobile manufacturers prepared to launch new products.
In particular, the company explained that the volume supplied to Apple and major Chinese smartphone manufacturers has greatly increased. Sales supplied to Apple through the third quarter rose 57% year-on-year to 17.15 billion KRW, and sales in China increased 36% to 12.53 billion KRW during the same period, demonstrating steady growth.
An Andyforce representative said, “Andyforce’s films for mobile devices have earned trust from mobile manufacturers worldwide through continuous quality improvements,” adding, “We secured price competitiveness through cost reduction, leading to successful order expansion.” He continued, “Recently, Apple’s iPhone 12 series recorded about 2 million orders on the first day of release, continuing a shortage phenomenon, so the volume supplied to Apple will continue to expand,” and added, “The diagnostic kit business, which was the focus of development in the third quarter, will also begin full-scale exports to overseas markets such as Japan and Russia in the fourth quarter, sustaining sales and performance growth.”
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