CloudAir Reports 6 Billion KRW Net Profit in H1... "Secured 70 Billion KRW Cash, Utilizing Funds for M&A"

Cloud Air (CEO Ha Gwan-ho) announced on the 14th through its semi-annual report that it achieved cumulative sales of 7.5 billion KRW and a net profit of 6 billion KRW for the current fiscal half-year.

Sales increased by 2.36% compared to the same period last year, and net profit rose by 16.88% year-over-year.

In particular, due to non-operating income, net profit exceeded 5 billion KRW for two consecutive half-years.

Recently, Cloud Air revealed that it received an early repayment of 33.7 billion KRW out of the 48 billion KRW invested in the Kansas Signature Shipping Fund, and the remaining funds are expected to be fully recovered by September at the earliest or by the end of the year at the latest.

A Cloud Air representative stated, "Based on the semi-annual report, including 17.5 billion KRW in cash equivalents and the 33.7 billion KRW recovered, we have secured 51.2 billion KRW in cash equivalents. Once the remaining investment funds are recovered, we will have approximately 70 billion KRW in cash. The recovered funds will be used for M&A capital for new business ventures and other purposes."

As of the end of June, Cloud Air's total assets amounted to 127 billion KRW, with total liabilities of 2.6 billion KRW, resulting in a debt ratio of only 2.12%.