Gammanu Submits 'Unqualified' Audit Opinion Report... "Accelerating Performance Improvement"

[Asia Economy Reporter Hyunseok Yoo] GammaNu announced on the 23rd that it received an unqualified audit report for 2020 from Hanul Accounting Corporation. Last year's sales amounted to 13.6 billion KRW, a decrease of 56.59% compared to the previous year, and the operating loss was 11.8 billion KRW.

GammaNu expects stable improvement in the travel and related business sectors after the end of COVID-19, following the expansion of COVID-19 vaccination. A company official stated, "The travel business sector, which was directly hit by the prolonged COVID-19 pandemic last year, will stabilize somewhat this year," adding, "We are accelerating the operation of the Hainan duty-free shop business, which boasts the largest scale in the world, and the domestic post-duty-free shop business procedures are progressing smoothly, so we expect meaningful operating results this year."

GammaNu is expanding the competitiveness of its travel business sector targeting the post-COVID-19 era. In October, it acquired additional shares in six travel agencies including its subsidiary Daemyung International Travel Agency, and in December, it integrated them through a small-scale merger. GammaNu plans to create synergy by strengthening inbound and outbound businesses.

Furthermore, through the expansion of the Hainan duty-free shop business and the post-duty-free shop business for overseas tourists, GammaNu is expected to grow into a "total trip platform" encompassing travel, tourism, distribution, and shopping. A company official explained, "GammaNu will continue efforts to improve business performance, including the Antenna Business Division, IP (Inbound Platform) Business Division, and the full-scale launch of newly promoted domestic and overseas duty-free shop businesses."