[Asia Economy Reporter Yoo Hyun-seok] Hurim Robot achieved a turnaround by recording a net profit of 51 billion KRW on a consolidated basis last year.
Hurim Robot announced on the 15th through a disclosure that its consolidated sales last year increased by 25.4% compared to the same period of the previous year to 22 billion KRW, and net profit reached 51 billion KRW, achieving a return to profitability. However, due to an increase in bad debt expenses, operating loss last year recorded 8.3 billion KRW, an increase of 3.1 billion KRW compared to the same period of the previous year.
Despite the impact of COVID-19 last year, Hurim Robot increased sales compared to the previous year by promoting various new COVID-19 prevention-related businesses such as ▲disinfection care robots ▲mask production automation equipment and mask manufacturing ▲smart disinfection care solutions reflecting government quarantine guidelines.
Net profit increased significantly as the rise in the stock value of Sambutogeon was recognized as an evaluation gain. Hurim Robot is the largest shareholder of Sambutogeon, holding a 10.48% stake.
A Hurim Robot official said, “Despite the impact of COVID-19 last year, the management continued to promote new businesses and focused on securing mid- to long-term growth engines. Although we achieved external growth, it is regrettable that we recorded an operating loss due to conservatively recognizing bad debt provisions amid increased uncertainty caused by COVID-19, but we plan to continue the sales growth trend this year.”
He added, “Last year, we carried out business structure reorganization, improved work efficiency, and continuously strengthened business capabilities through efforts to streamline core business management, so we expect profitability improvement to be possible starting this year.”
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