Gyeongnam Development Corporation Returns to 'Profit' After 2 Years... Net Income of 8.2 Billion KRW

Gyeongnam Development Corporation has returned to profitable management after two years.

The corporation announced that it achieved operating results of 126 billion KRW in sales, 9 billion KRW in operating profit, and 8.2 billion KRW in net income last year.

Compared to the previous year, sales increased by 128% or 70.6 billion KRW, operating profit rose by 342% or 12.8 billion KRW, and net income grew by 393% or 11 billion KRW.

Gyeongnam Development Corporation.
Photo by Lee Seryeong

A company official analyzed that the increase in sales revenue was due to the rising sales rate of the Yangsan Gasan General Industrial Complex, a major project, and the full payment of the remaining balance in the Changwon Central Station area.

They also stated that financial soundness was improved through risk management measures such as selling non-core assets and reducing recurring expenses by more than 5% compared to the previous year through a budget reduction target system.

With the return to profitable management, the corporation plans to actively prepare major policy projects in line with the Gyeongnam provincial government's directives.

They intend to continuously enhance efficiency by restructuring inefficient small-scale projects and focusing on core business areas and policy projects.

President Kim Gwonsu said, “Through the return to profitable management, we have laid the foundation to actively participate in Gyeongnam Province’s major policy projects,” adding, “As a public enterprise serving the residents, we will actively contribute to revitalizing the local economy and improving residents’ welfare.”