Polaris Office Reports Operating Profit of 300 Million KRW in Q1, Turning to Black... Net Profit Also Up 144%

[Asia Economy Reporter Jang Hyowon] Polaris Office achieved improved performance in the first quarter of this year driven by growth in its office software (SW) and non-face-to-face collaboration solution businesses, led by its flagship product, ‘Polaris Office’.

On the 17th, Polaris Office announced that its operating profit on a separate basis for the first quarter of this year turned positive to 300 million KRW compared to the same period last year. During the same period, net profit on a separate basis increased by 144% year-on-year to 1.4 billion KRW, while sales slightly decreased to 4.6 billion KRW.

Consolidated sales for the first quarter reached 5.3 billion KRW, up 8% compared to the same period last year. Operating loss on a consolidated basis was 200 million KRW, reducing the deficit by 79% year-on-year, and consolidated net profit recorded 700 million KRW.

A Polaris Office representative said, “We achieved significant performance improvement compared to the same period last year based on qualitative growth in the office SW business and the collaboration solution ‘Atlassian’ business division. Considering that sales are recognized by allocating revenue from already completed transactions over time due to the nature of the business, positive performance trends are expected this year.”

They added, “Net profit also increased significantly due to gains from derivative product valuations recorded as non-operating income. We are undertaking various self-help efforts such as business structure optimization aiming for a performance turnaround.”

Meanwhile, Polaris Office’s enterprise management and collaboration solution ‘Atlassian’ is experiencing significant growth in demand and sales due to the enforcement of the new external audit law and the expansion of non-face-to-face work environments. The office SW ‘Polaris Office,’ which has over 100 million global subscribers, is also strengthening its competitiveness through the launch of new services and service enhancements that support untact environments such as remote work.