AhnLab Reports Operating Profit of 53 Million KRW in Q1... 97.5% Sharp Decline

AhnLab announced on the 24th that it recorded provisional consolidated sales of 49.5 billion KRW and operating profit of 53 million KRW for the first quarter of this year.

Consolidated sales decreased by 3.5% compared to the same period last year. Operating profit during the same period plummeted by 97.5%. On a separate basis, sales were provisionally estimated at 47.9 billion KRW, down 3.8% from the same period last year, and operating profit decreased by 41.2% to 2.5 billion KRW.

AhnLab explained, "Although software product orders increased compared to the first quarter of last year, the decline in network security equipment (HW) sales and continuous subsidiary research and development (R&D) investments affected the decrease in operating profit. In particular, the total amount of software product orders in the first quarter exceeded the decrease in HW sales, but since the software product order amounts have not been recognized as sales all at once and have been allocated over the contract period, the decrease in operating profit may appear larger."