Samick Musical Instruments Posts 11.7 Billion Won Operating Profit in H1, Up 204% YoY
Revenue Reaches 124.4 Billion Won
Net Profit Hits 43.6 Billion Won
Samick Musical Instruments saw a significant increase in operating profit during the first half of this year as cost pressures eased.
On August 14, Samick Musical Instruments announced that its consolidated operating profit for the first half amounted to 11.651 billion won, up 204% compared to the same period last year.
During the same period, revenue was 124.355 billion won, representing a 0.4% increase. Net profit jumped 118.7% to 43.629 billion won.
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The growth in operating profit was mainly driven by a reduction in cost of sales. With the cost of sales down by 11.2%, gross profit rose 36.7% to 41.104 billion won. Additionally, the company reflected gains of 41.9 billion won from the disposal and valuation of financial assets, which contributed to the sharp increase in net profit.
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