This year, Genoco has begun to significantly expand its presence in the aerospace sector, showing an increase in orders in the second quarter as well.
Genoco, a company specializing in aviation, aerospace, and defense, announced on the 16th that its sales in the second quarter of this year reached 24.6 billion KRW. Sales increased by 0.5% compared to the same period last year, while operating profit turned to a loss.
Genoco explained that the cumulative loss rate is improving, and performance is expected to rebound in the second half of the year due to key momentum. In fact, Genoco's current order backlog stands at 98.5 billion KRW, setting a record for the largest order backlog ever. The order backlog is a leading indicator of performance as it represents future sales.
In the second half of the year, Genoco will accelerate its global market penetration in the aviation, aerospace, and defense sectors. Genoco has already signed a memorandum of understanding (MOU) with the global satellite communications company Viasat for satellite MRO. Subsequently, it signed an MOU with the global defense company Northrop Grumman for the mine countermeasure helicopter business, and a significant increase in new orders targeting global companies in each industry sector is expected.
A Genoco official said, “This year, requests for orders have greatly increased in all fields of aviation, aerospace, and defense, resulting in the largest order backlog in history. We expect to achieve an order backlog exceeding 100 billion KRW in the second half of the year.”
He added, “The need for investment in new facilities has grown, so we proceeded with the issuance of convertible bonds. We will carry out new facility investments in the near future,” expressing confidence in performance growth.
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