Haesung Optics "OIS Business Turns Profitable in November"

[Asia Economy Reporter Jang Hyowon] Haesung Optics, a KOSDAQ-listed company (CEO Cho Cheol), announced on the 6th that it has achieved a turnaround to profitability in its OIS (Optical Image Stabilization actuator) business after 19 months.

The company had set a goal in a press release on the 19th of last month, led by newly appointed CEO Cho Cheol, to turn profitable in its core OIS business starting from November. In fact, Haesung Optics succeeded in turning profitable by achieving operating profit in the business in November.

Regarding this achievement, the company explained that the effect of bold restructuring and management efficiency policies, including discontinuing existing businesses under CEO Cho who joined in July, has become apparent. CEO Cho started venture startups during his school days and has experience in software, automotive electronics, and mobile businesses. Based on this business experience, after his appointment as CEO of Haesung Optics, he has secured stable sales and quality in a short period, gaining attention in the same industry.

A Haesung Optics official said, “By discontinuing loss-making businesses, restructuring to focus on the OIS business, and smoothly implementing projects to improve costs, we succeeded in turning profitable after 19 months. This turnaround management has rapidly transformed the previously stagnant organization into a vibrant one, and we aim to become No.1 in the industry in 2022 by securing proprietary technology and cost competitiveness.”

Additionally, Haesung Optics is accelerating new business initiatives, such as recently signing an MOU for an eco-friendly ship platform business with Humax Mobility and Electrinn, strengthening its future portfolio after stabilizing its main OIS actuator business.

A Haesung Optics official stated, “While further strengthening competitiveness through focusing on the OIS business, we are preparing to execute new businesses to increase corporate value in the 4th industrial era. Visible results will be seen soon.”