Deutsche Motors Reports Q1 Operating Profit of 19.6 Billion KRW, Up 80.6% YoY

[Asia Economy Reporter Jang Hyowon] Deutsche Motors (CEO Kwon Hyukmin), a comprehensive automobile platform company, announced on the 25th that its operating profit for the first quarter of this year based on consolidated financial statements reached 19.6 billion KRW, an increase of 80.6% compared to the same period last year. Net profit for the same period also doubled to 12.9 billion KRW compared to the previous year. Sales increased by 5.8% to 466.4 billion KRW.

Deutsche Motors is analyzed to have achieved an earnings surprise due to strong quarterly performance in new car sales driven by the growing consumer base seeking luxury imported car brands in the domestic market, as well as synergies among affiliates such as automobile financing.

The company is promoting growth in its used car-related business by preparing differentiated services from traditional used car transactions through ‘Deutsche Auto World,’ the largest automobile sales complex in Korea, and the online platform ‘Charancha.’

Kwon Hyukmin, CEO of Deutsche Motors, stated, “The company is achieving solid results while moving in the right direction according to the planned growth roadmap,” and added, “We will focus our core competencies on subsidiaries with high growth potential such as Charancha to lay the foundation for a leap forward.”