Measurement and metering device specialist PSTech (CEO Hwang Jae-yong) announced its financial results for the first half of 2023 through a disclosure on the 11th.
PSTech's consolidated sales for the first half of 2023 amounted to 33.1 billion KRW (up 9.1% compared to the same period last year), operating profit was 950 million KRW (down 14.6% compared to the same period last year), and net profit for the half-year was 6.43 billion KRW (turning to a profit).
In the first half of this year, orders increased due to securing new customers, resulting in a 28% increase in sales in the gas meter division compared to the first half of last year. The renewable energy division also grew by 114% compared to the same period last year, driving overall sales growth across divisions.
However, operating profit slightly decreased compared to the same period last year due to the quarterly application of certain selling and administrative expenses such as warranty repair costs following changes in accounting policies, as well as increased labor costs from workforce reinforcement. Net profit for the half-year turned positive with an increase of 7.8 billion KRW compared to the first half of last year, driven by valuation gains on financial investment products amid a recovering financial market.
A PSTech representative stated, “Despite challenging domestic and international conditions and unstable exchange rates, we were able to achieve higher sales than last year by expanding sales through securing new customers and improving cost structure through preemptive measures such as diversifying raw material suppliers. Recently, delivery of security meters won from Korea Electric Power Corporation is scheduled to begin in the second half, and the renewable energy business is also expected to show better performance and profitability in the latter half.”
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
