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3Q Performance Disclosure

12.11.2020 Views:1634

On November 12th, Nuri Telecom, an IoT and AMI solution specialist, disclosed its management performance, which significantly improved cumulative profits and losses in the 3Q of the consolidated basis.

Nuri Telecom announced that it recorded 77.6 billion won in sales, 5.6 billion won in operating profit, and 6.6 billion won in net profit in the 3Q (Consolidated accumulative). Compared to the same period of the previous year, sales decreased by 13%, but operating profit increased by 63% and net profit by 188% respectively. 

On a separate cumulative basis for the 3Q, sales fell 13% YoY to 45.1 billion won, operating profit 4.5 billion won, and net profit 4.2 billion won, but operating profit increased 34% and net income 49% respectively.

CEO Young Duk Kim said, ‘COVID 19” is a great obstacle of overseas business, but the portion of AMI projects in Ghana and Vietnam, including participation in low voltage AMI projects, accounts for 85% of our business. As a result of this, the company recorded good performance with a separate operating margin of 10% in the 3Q.’ 

He also said, ‘In order to lead the smart energy platform and energy trading platform market in the Green New Deal project promoted by the government, we are conducting business participation and R&D related to energy trading. In the future, Nuri Telecom will focus on smart industrial complexes and smart city projects among the green new deal projects.