TerraScience Continues Profit Streak for Second Consecutive Quarter... "Core Business Growth Sustained"

[Asia Economy Reporter Jang Hyowon] Terra Science, a KOSDAQ-listed company, has continued its profit streak this year.

Terra Science announced on the 16th through a disclosure that its cumulative sales and operating profit on a consolidated basis for the first half of the year were 11.9 billion KRW and 200 million KRW, respectively. Compared to the same period last year, sales increased by 21.9%, and operating profit turned positive. The cumulative net profit was 1.1 billion KRW, also turning positive during the same period.

Performance on a separate basis also improved. The cumulative sales on a separate basis for the first half reached 11.6 billion KRW, up 18.6% compared to the same period last year. Cumulative operating profit and net profit recorded 800 million KRW and 1.9 billion KRW, respectively, both turning positive during the same period.

The company stated that even in the traditionally off-season first half, the balanced growth observed across all business sectors, including the core fitting and hydraulic business divisions, led to the improved performance.

A Terra Science representative said, “Among our main businesses, the core fitting and hydraulic business divisions are currently operating their production plants at full capacity, reflecting an improvement in both export and domestic market conditions, which is showing up as strong performance. In particular, once the Russia-Ukraine war ends and reconstruction projects begin, we expect benefits in the construction and heavy equipment sectors, so we anticipate continued performance improvement.”

Terra Science is recently strengthening its bio business competitiveness through OncoPep, a U.S.-based cancer vaccine development specialist. OncoPep, in which Terra Science holds a majority shareholder position, plans to initiate its initial public offering (IPO) process in South Korea in the second half of this year.