On May 15, Neotis announced that its consolidated operating profit for the first quarter of this year increased by 79.5% compared to the same period last year. Sales also rose to 17.3 billion won, up 21.7% year-on-year.
On a standalone basis, the company reported sales of 11.6 billion won and operating profit of 700 million won, representing increases of 10.6% and 28.7%, respectively, compared to the same period last year.
Neotis attributed its strong performance to balanced growth across all business divisions. In the Micro Bit division, the increase in orders for Neotis products was driven by a customer, a U.S. semiconductor company referred to as Company A, ramping up purchases in preparation for supplying 'AI accelerators.'
Orders for automotive shafts are also increasing, benefiting from the shift of orders away from China due to the tariff war between the United States and China.
The company began mass production of its new business, the motor controller for automotive electronics, earlier this year. It is also preparing to begin mass production of the sunroof controller for the KGM Torres Hybrid.
The improved performance of its subsidiary, Kwangjin Precision, was also reflected in the consolidated results, contributing to the strong performance. In the first quarter of this year, Kwangjin Precision recorded sales of 5.8 billion won and net profit of 900 million won.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
