NuriPlex Turns to Deficit Due to Impact of Allowance for Doubtful Accounts Adjustment

Energy Internet of Things (IoT) company Nuriplex announced on the 24th that it turned to a deficit last year due to delayed payments for overseas projects.

Nuriplex reported consolidated sales of 129.4 billion KRW, an operating loss of 8.2 billion KRW, and a net loss of 4.4 billion KRW last year. On a separate basis, it recorded sales of 81.8 billion KRW, an operating loss of 8.4 billion KRW, and a net loss of 3.4 billion KRW.

A Nuriplex representative explained, "The operating loss was mainly due to the recognition of an allowance for doubtful accounts caused by delayed payments for overseas projects," adding, "Considering the sovereign credit ratings of the countries where we have expanded overseas, we set an allowance for doubtful accounts of 7.3 billion KRW for overseas accounts receivable." They continued, "This is the result of applying conservative accounting standards," and added, "The allowance for doubtful accounts will be reversed and reflected as profit when recovered."