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Biz News Korea(Eng)
Mando achieves 300 bn won in OP for the first time in 2016
- Collected
- 2017.02.08
- Distributed
- 2017.02.09
- Source
- Go Direct
Mando said in its regulatory filing Tuesday that it posted 305 billion won ($266 million) in operating profit last year, up 14.8 percent on year. It is the first time that its operating profit topped 300 billion won. Sales gained 10.7 percent on year to 5.87 trillion won last year.
The company has continued to lower reliance on Hyundai and Kia Motors, Mando’s primary customers, to 54 percent from 83 percent in 2000 and aggressively stretched out global finished carmakers in the U.S. and China. It increased presence in the emerging markets including India. Revenue was also helped by self-developed Advanced Driver Assistance Systems (ADAS), which the company regards as a future growth engine.
Mando has increased its R&D spending with an aim to explore new growth engines. Its R&D spending more than tripled to 259.6 billion won in 2015 from 84.5 billion won in 2012. The ratio of R&D investment to sales has reached 5 percent for the first time.
At 11:24 a.m., shares of Mando rose 5.39 percent or 14,000 won to 273,500 won in Seoul trading Wednesday.
By Lee Seung-hoon
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