InziSoft Improves Costs Through Efficient Project Management

CognitiveSoft, an AI-based image data specialist company, turned profitable in the third quarter of this year by efficiently managing costs.

CognitiveSoft announced on the 1st that it recorded consolidated sales of 4.72 billion KRW and an operating profit of 950 million KRW in the third quarter. Compared to the same period last year, sales decreased by 19.9%, but operating profit increased by 8.7%. Compared to the previous quarter, sales rose by 12.2%, and operating profit turned positive.

For the cumulative third quarter, sales amounted to 13.7 billion KRW, and operating profit was 600 million KRW.

Cost reduction through project management efficiency led to profitable management in the third quarter. An increase in maintenance sales and expanded revenue recognition from the 6.4 billion KRW IBK document management system reconstruction project, secured in March this year, also contributed to improved performance.

A CognitiveSoft representative said, "Despite the overall economic downturn, we have proven our stable profit-generating capability," adding, "We will actively pursue research and development and expand our sales network for continuous growth and market expansion."

CognitiveSoft is striving to enhance shareholder value. On the 21st of last month, it decided to acquire treasury shares worth 1 billion KRW.