Suseong "Q1 Operating Profit 600 Million KRW... Up 1191% YoY"

[Asia Economy Reporter Yoo Hyun-seok] Suseong announced on the 10th that its sales in the first quarter of this year reached 7 billion KRW, a 47.98% increase compared to the same period last year, and operating profit soared by 1191% to 607 million KRW. Operating profit in the first quarter of last year was only 47 million KRW. Net profit amounted to 220 million KRW, turning positive from an operating loss in the 800 million KRW range last year. This is the first time net profit has been recorded in the past 16 quarters.

Suseong Innovation expects significant management performance to emerge from this year onward, thanks to continuous cost reduction efforts and new product development. Sales in the second quarter are also on an upward trend compared to the previous year, indicating continued improvement in performance.

Suseong stated that once Future High Tech, a semiconductor equipment parts company with which it signed an acquisition contract last April, is incorporated as a subsidiary next month, semiconductor-related results on a consolidated basis will be reflected, leading to substantial growth in both sales and operating profit.

Meanwhile, Suseong Innovation plans to add semiconductor equipment-related business objectives through an extraordinary general meeting of shareholders scheduled for June. Additionally, it intends to appoint Yoo Seung-chan, CEO of Story.com, who has served as a policy planning advisor for Gyeonggi Province and as the election planning team leader for the Democratic Party, as an inside director.