Pasu Records First Half-Year Profit Since Founding

[Asia Economy Reporter Hyungsoo Park] Fasoo announced on the 11th that it achieved cumulative sales of 17.8 billion KRW and operating profit of 300 million KRW in the first half of this year. Compared to the same period last year, sales increased by 27% and operating profit turned positive. The cumulative net profit for the first half also turned positive at 400 million KRW. It is the first time since its founding in 2000 that Fasoo has achieved operating profit in the first half. Due to the nature of the business where performance is concentrated in the second half, expectations for performance improvement this year are growing.

Following last year's record-high performance, Fasoo continues to show strong results this year. This is largely due to the overall increase in security demand. As cyber security threats have become a serious social issue, demand for security solutions continues to expand. The expansion of public data utilization, the opening of the MyData market, and the increase in big data demand have led to increased sales of the personal information de-identification solution ‘AnalyticDID (ADID).’

Fasoo’s document management solutions, such as ‘Wrapsody,’ which emphasizes the concept of document virtualization, and the external collaboration platform ‘Wrapsody eCo,’ as well as new solutions and overseas sales, have also increased. The sales of Sparrow, an application security subsidiary, also grew compared to the same period last year.

Fasoo CEO Kyugon Cho explained, "In the first half of this year, Fasoo introduced continuous innovations to existing solutions as well as security packages for small and medium-sized enterprises," adding, "We are growing through efforts to expand the annual license model."

He continued, "In the second half of this year, we will continue customer value-based growth by maximizing customers’ data management and security capabilities, focusing on the ‘Fasoo Data Security Platform’ proposed for zero-trust security."