SL Bionics Achieves Operating Profit in Q3 Driven by Strong Performance in Energy Division

[Asia Economy Reporter Jang Hyowon] SL Bionics announced on the 14th that after completing the merger with the oil company Woosung Industry and establishing a new energy division, the company's financial structure has improved, recording cumulative Q3 consolidated sales of 9.8 billion KRW and operating profit of 160 million KRW.

According to the company's disclosure, sales increased by 82% compared to the previous year, and operating profit turned positive. On a cumulative consolidated basis, sales amounted to 23.4 billion KRW, with an operating loss of 1.7 billion KRW.

SL Bionics explained that the increase in sales and operating profit was due to the acquisition and merger with the eco-friendly energy company Woosung Industry, along with the focused selection of high value-added product lineups in the existing LED manufacturing division. Additionally, company-wide cost reduction and management innovation activities led to a quarterly operating profit turnaround.

A representative from SL Bionics stated, “Since Q2 2019, after 13 quarters, the company has turned operating profit positive, and the results of the efforts planned throughout this year are showing from Q3 2022. We will strive together with our employees to achieve operating profit in 2022,” adding, “We will work hard to advance as a mid-sized company and enhance shareholder value.”

Meanwhile, according to the company’s announcement last September, sales generated by the energy division in August amounted to 3.539 billion KRW, operating profit was 871 million KRW (19.5%), and the division’s pure operating profit excluding selling and administrative expenses was recorded at 685 million KRW.