EM&I "Most of last year's bad debts resolved... Full turnaround expected this year with OLED boom"

Organic Light Emitting Diode (OLED) material company EM&I announced on the 14th that it recorded separate basis sales of 24.5 billion KRW and an operating loss of 500 million KRW last year. Net profit for the same period reached 500 million KRW.

On a consolidated basis, sales amounted to 26.3 billion KRW, operating loss was 1.2 billion KRW, and net profit was 100 million KRW.

The company stated, "Last year, the sluggishness in the display and semiconductor OLED sectors and one-time expenses in the second half affected the performance," adding, "This year, with the recovery of the OLED market and the effect of restructuring the injection molding business, a favorable performance is expected."

Along with the earnings announcement, EM&I disclosed that it will liquidate its Chinese subsidiary, Suyeon Plastic Science Technology (Huizhou) Co., Ltd. The strategy is to enhance management efficiency by reorganizing low-profit overseas subsidiaries and to focus on the OLED business.

A company representative said, "Although sales on the consolidated financial statements will decrease due to the suspension of the plastic injection molding business, improvements in net profit and cash flow are expected," and added, "By concentrating on the core OLED business, we expect to strengthen our competitiveness."

He continued, "With the market recovering, including the full-scale mass production of Apple's iPad OLED starting this year, the number of OLED material items supplied by our company will also increase," emphasizing, "We will embark on a full-scale performance turnaround starting this year."