KOSDAQ-listed Seoul Semiconductor succeeded in turning to an operating profit on a consolidation basis in the first quarter of this year. Sales held at a level similar to a year earlier, but improved profitability turned both operating profit and net profit to the black.
On the 12th, according to the Financial Supervisory Service's electronic disclosure system, Seoul Semiconductor filed a corrected disclosure stating that on a consolidation basis in the first quarter of this year, sales came to 238.2 billion won and operating profit to 1.8 billion won. Sales fell 0.4% from 239.2 billion won a year earlier, but the company swung to an operating profit from a 20.7 billion won operating loss in the same period.
Compared with the previous quarter, sales declined but profit improved. First-quarter sales fell 10.4% from 265.8 billion won in the fourth quarter of last year. In contrast, operating profit rose 121.7% from 800 million won in the previous quarter to 1.8 billion won. Income from continuing operations before income taxes increased 123.4% to 8.5 billion won from the previous quarter, and net profit turned to the black at 8.8 billion won from a 7.8 billion won net loss in the previous quarter.
Seoul Semiconductor the same day presented a second-quarter sales outlook on a consolidation basis of 270 billion to 290 billion won in a separate fair disclosure. Based on the midpoint of 280 billion won, that would be about 17.6% higher than first-quarter sales.
The company said the second-quarter sales outlook reflects figures that take into account market environment analysis and its business plan. It added, however, that the outlook is forward-looking information and could differ from actual results.
Seoul Semiconductor is an opto-semiconductor company that develops and produces LED light sources used in lighting, automobiles and displays. Despite the recent slump in the LED industry, it is pushing a business shift centered on high value-added products such as automotive LEDs, mini LEDs and micro LEDs.