Sonid, Q1 Consolidated Sales of 17.1 Billion KRW... Up 158.6% YoY

[Asia Economy Reporter Jang Hyowon] SonyD (formerly YapX), a KOSDAQ-listed company, recorded a turnaround in its first-quarter performance this year.

On the 9th, SonyD announced preliminary earnings, reporting consolidated sales of 17.1 billion KRW for the first quarter of this year, an increase of 158.6% compared to the same period last year. Operating profit for the same period turned positive, reaching 280 million KRW.

The company stated that compared to the fourth quarter of last year, first-quarter sales increased by 55.2%, and operating profit also turned positive, demonstrating a full-scale performance turnaround.

SonyD attributed the strong first-quarter results to the significant sales growth in new business sectors such as RFID, as well as new materials for LCD and OLED, which are its core businesses. The sales proportion of display new materials accounted for 30% of total sales in the materials business segment. Additionally, the clothing RFID, which completed expansion to an annual production capacity of up to 200 million units last year, is tentatively reported to have sales exceeding half of this year’s production capacity.

Choi Simyeong, CEO of SonyD, said, “As the OLED TV market is expected to grow rapidly next year, we anticipate continued remarkable performance improvements in the display materials segment. We expect sales of over 20 billion KRW from the materials segment alone this year, and through comprehensive growth in existing semiconductor and display business sectors as well as the RFID new business segment, we will focus on achieving record-high performance.”