FSN Turns to Profit with 2.3 Billion KRW Operating Income in Q1... "Performance Turnaround in Full Swing"

[Asia Economy Reporter Jang Hyowon] Future Stream Networks (hereinafter FSN), a comprehensive digital marketing specialist company, has entered a full-scale performance turnaround.

On the 13th, FSN announced that its consolidated sales for the first quarter of this year reached 46.2 billion KRW, an increase of about 31.4% compared to the same period last year. Operating profit for the same period turned positive to 2.3 billion KRW.

FSN cited the main reasons for recording a performance turnaround in the first quarter, which is typically an off-season in the industry, especially amid the challenging external environment due to COVID-19, as ▲growth in the commerce new business sector ▲strong overseas business performance ▲growth in ad tech performance ▲increase in new advertiser acquisitions in the advertising agency sector.

The company explained that the commerce new business sector has grown significantly and joined the full-scale performance lineup as various brands marketing together with its subsidiary Boosters continued to achieve consecutive successes such as setting monthly maximum sales records, complete sell-outs on home shopping, and lineup expansions. In particular, it added that a significant growth is expected this year as strategic partners continue to join based on various successful cases.

In addition, through its overseas business subsidiary FSN ASIA, strong performance trends continued in Vietnam, Thailand, and other countries. The ad tech division ‘Kauli,’ which expanded marketing execution for large commerce advertisers in the domestic market due to increased demand in the non-face-to-face industry amid the COVID-19 situation, also reported sales growth of over 10% compared to the same period last year.

An FSN official stated, “In the first quarter of this year, performance increased across domestic and international all-around business sectors. In particular, convertible bonds, which had been considered an overhang risk, have been significantly reduced by about 65% compared to last year until recently, leading to an improvement in the debt ratio and overall financial soundness.” He added, “Based on strengthening existing business competitiveness and growth in new businesses, 2021 is a time when positive opportunities converge and an important momentum for FSN both internally and externally. We will strive to become a company more trusted by market investors.”