Cloud Air Reports Operating Loss of 1 Billion KRW Last Year... Deficit Widens

[Asia Economy Reporter Han Jinju] CloudAir announced on the 8th that its consolidated operating loss last year increased to 992.05 million KRW compared to the same period last year.

Sales revenue increased by 0.6% year-on-year to 13.57421 billion KRW, and the net loss for the period decreased to 11.88338 billion KRW.

The company explained, "This was due to the increase in manufacturing costs of LED packages for vehicles, bond interest and valuation losses from fair value evaluation of convertible bonds, bond redemption losses from early repayment of convertible bonds, impairment losses on equity investments in affiliates, and losses from the sale of non-operating real estate."