Shinsung ST, a specialist in secondary battery electronic components, announced on the 17th that it recorded sales of 30.7 billion KRW, operating profit of 3.2 billion KRW, and net profit of 2.5 billion KRW in the first quarter of this year.
Sales slightly decreased compared to 35.9 billion KRW in the same period last year. The operating profit margin increased from 6.7% last year to 10.2%.
The company stated that despite the slowdown in the global electric vehicle market growth and the deteriorating performance of major domestic secondary battery companies, it achieved solid results.
A Shinsung ST representative said, "Since the second half of last year, the proportion of electric vehicle sales has been decreasing," adding, "The increase in new orders for energy storage systems (ESS) and the rise in sales of electric vehicle camera modules and IT components helped improve profit margins."
He continued, "We will expand the proportion through the expansion of new ESS orders and product advancement."
Earlier, in March, Shinsung ST signed an investment agreement with Busan City to establish an ESS specialized manufacturing plant in the Mieum Foreign Investment Zone, Gangseo-gu, Busan. The company will also establish a local corporation in the North American region to strengthen local responsiveness.
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