- Revenue of KRW 64.3 Billion, Operating Profit of KRW 6 Billion… Marks a Successful Turnaround
- Improved Production Efficiency Through Unit Price Hikes and Subsidiary Merger
- Annual Profit Expected with Stable Management
By Kwon So-hyun, Edaily Marketin — ASTK Co., Ltd. (067390) delivered a surprise earnings report for the first quarter, posting not only an operating profit but also a net profit.
On May 15, ASTK announced that its revenue for Q1 reached KRW 64.3 billion, a 75.6% increase compared to the same period last year. This marks the highest quarterly revenue in the company’s history.
Operating profit came in at KRW 5.96 billion, continuing a three-quarter streak of profitability, and net profit turned positive to KRW 1.77 billion. Achieving net profitability as well is being seen as a sign of a successful and complete turnaround.
ASTK Production Facility [Photo = ASTK]
ASTK explained that the strong performance was a result of efforts to boost production efficiency through successful unit price negotiations with major clients and the merger of a subsidiary, following a large-scale capital increase last year that helped establish a stable financial structure.
An ASTK official stated, “This earnings surprise is the result of the collective efforts of all our employees to normalize operations after the workout process,” adding, “We will not be complacent with quarterly profits but will work even harder to achieve full-year profitability.”