PSTech Reports 48.7 Billion KRW in Cumulative Q3 Sales... "Focusing on Securing New Growth Engines"

Measurement and metering device specialist PSTECH (CEO Hwang Jae-yong) announced on the 14th that its consolidated cumulative sales for the third quarter of this year reached 48.7 billion KRW, and operating profit was 1.2 billion KRW, representing increases of 0.8% and 2.9%, respectively, compared to the same period last year. Net profit for the period turned positive, reaching 4.6 billion KRW.

Looking at sales by business segment, the gas meter division secured additional new customers following the first half of the year, resulting in a 16% increase compared to the cumulative performance of the third quarter last year. Sales in the renewable energy business division also rose by 64.6% compared to the same period last year.

Operating profit margins improved slightly due to securing profits on product unit prices, and the company stated that it is internally pursuing efforts such as cost reduction and cost improvement to further expand profit margins in the future.

Meanwhile, PSTECH established 'PS Green Energy' to expand new growth engines and fuel cell power generation business, and recently completed submitting a fuel cell power generation business permit application to the Ministry of Industry's Electricity Committee. Additionally, PSTECH has been promoting new business expansion by signing an MOU last year with Gangwon Province and the Korea Institute of Climate Change to supply heat sources for smart farms using renewable energy.

A PSTECH representative said, “Security meters won through a bid from Korea Electric Power Corporation (KEPCO) began to be delivered from the end of October this year, and we are faithfully carrying out our core business, including preparing for additional KEPCO bids scheduled by the end of the year.” He added, “Along with this, to prepare for difficult external environments, we plan to accelerate the expansion of new growth engines such as the fuel cell power generation business to lead performance growth.”