Woojin, a company specializing in industrial precision measuring instruments, announced on May 15 that its sales and operating profit declined in the first quarter due to the seasonal off-peak period. However, starting from the second quarter, the company expects its performance to improve again, driven by the increased operation of nuclear power plants and expanded deliveries of measuring instruments.
Woojin's consolidated sales for the first quarter amounted to 27.2 billion KRW, representing a 24.0% decrease compared to the same period last year. The company posted an operating loss of 700 million KRW and a net loss of 1.1 billion KRW, both turning to losses from profits in the previous year.
The underperformance in this quarter was mainly due to a decline in sales of the company's core product, the in-core instrument (ICI), despite stable results in the temperature sensor and plant divisions. Due to the nature of the business, the first quarter is typically the slowest period of the year, leading to weak performance. In addition, a one-off increase in core instrument deliveries in the same period last year resulted in a base effect, further widening the year-on-year decline.
A company representative stated, "The first quarter is usually a seasonal off-peak period, so performance tends to decrease," and added, "As the operation of nuclear power plants continues to increase and we maintain a monopolistic business position, we expect performance to improve from the second quarter onward."
Meanwhile, Woojin is actively expanding investments related to small modular reactors (SMR) and developing core technologies to strengthen its new growth engines. In particular, the company is participating in government projects related to SMRs and in the development of a Korean-type SMR. Its Kosdaq-listed subsidiary, Woojin Entec, is focusing on developing technologies and equipment in preparation for the full-scale launch of nuclear power plant decommissioning projects.
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