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Biz News Korea(Eng)

KAI reports drop in Q2 OP amid massive orders from overseas

Collected: 2023.08.08

Distributed: 2023.08.09

Source: Go Direct

Korea Aerospace Industries Ltd. headquarters. [Courtesy of KAI]

Korea Aerospace Industries Ltd. (KAI) reported on Monday that it achieved an operating profit of 8.4 billion won ($6.4 million) over sales of 733.5 billion won for the second quarter of this year.

This is a 75.6 percent plunge in operating profit compared to the same period last year, while the revenue increased 9.7 percent. Net income dropped 80.3 percent to 9.9 billion won during the April-June period.

KAI, which has been racking up orders since last year, including a deal to export 48 FA-50 light attack aircraft to Poland, attributed the profit decrease to the time lag between contract awards and product deliveries.

Performance is reflected in the books when the goods are delivered, and there were fewer exports recognized as revenue in the second quarter of this year, the company said, anticipating a meaningful improvement in performance from the third quarter.

Investments in new growth business areas such as ultra-small satellites also weighed on the company’s performance.

“In the second half of the year, FA-50 exports and Air Force ILS (Integrated Logistics Support) results will be reflected in the books one after another,” said a KAI official, adding, “Our current export balance is 25 trillion won, and we expect stable sales growth in the future.”

By Lee Sae-bom and Minu Kim

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