[Asia Economy Reporter Hyungsoo Park] EN Corporation announced on the 16th that it recorded a cumulative consolidated sales revenue of 96.88 billion KRW up to the third quarter of this year, an increase of 818% compared to the same period last year. The cumulative operating profit was 1.96 billion KRW, a 70% increase compared to the same period last year.
EN Corporation achieved consolidated third-quarter sales of 55.36 billion KRW, thanks to successful mergers and acquisitions (M&A) and balanced growth of its subsidiaries. This represents a 1579% increase compared to the same period last year. It is the largest quarterly performance since the company's founding.
By business segment, Hanseong Cleantech, a pure water and water treatment EPC subsidiary acquired in March, achieved cumulative third-quarter sales of 80.44 billion KRW. This is the cumulative sales from April to September. Due to the government’s plan to attract 510 trillion KRW in private investment over the next 10 years to establish the world’s largest semiconductor production base, demand for water treatment EPC increased, exceeding expected performance. In fact, as of November this year, Hanseong Cleantech’s cumulative order amount surpassed 136.29 billion KRW, exceeding last year’s total order amount of 100.3 billion KRW.
EN Water Solution, a subsidiary handling liquid designated waste and wastewater consignment treatment, recorded cumulative sales of 8.65 billion KRW up to September, reflecting performance since May after acquiring the Inbiotech Dangjin plant. Eclean Water, a liquid designated waste treatment subsidiary that additionally acquired the EN Chemical Dangjin plant in August, began full-scale business activities while improving facilities. Sales are expected to increase next year.
EN Corporation is actively promoting its environmental energy business this year after largely reorganizing its existing business portfolio earlier this year. It has established a foundation to complete the only industrial water treatment value chain in Korea and to grow into a comprehensive environmental energy company with advanced technology.
A company official stated, "One-time operating expenses such as legal advisory and due diligence fees for companies acquired this year were reflected in the third-quarter financial statements," adding, "Profitability is expected to improve going forward as these one-time costs disappear."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
