Deutsch Motors' Nine-Month Operating Profit Rises 25.4% to KRW 35.1 Billion
Cancels all treasury shares worth KRW 5 billion
DT Networks revenue: KRW 240.6 billion
Deutsch Motors continued to improve its profitability, buoyed by strong sales of Chinese electric vehicle brand BYD and stable operations in its existing imported-car dealership business.
Deutsch Motors said on October 26 that its cumulative consolidated operating profit for the first three quarters of this year rose 25.4% year over year to KRW 35.1 billion.
Revenue for the same period increased 6.8% to KRW 2.039 trillion, compared with KRW 1.9085 trillion a year earlier. Net profit rose 209.9% to KRW 3.58 billion from KRW 1.155 billion in the same period last year.
Despite economic uncertainty and intensifying competition among imported-car brands, Deutsch Motors maintained profitability through its multi-brand portfolio and improved performance at its subsidiaries.
In particular, its BYD business, which it has pursued as a new growth driver, contributed to improved results. DT Networks, which turned profitable in the first half of this year, continued to grow, supported by an expanded vehicle lineup and a stabilized sales network. For the first three quarters, DT Networks recorded revenue of KRW 240.6 billion and operating profit of KRW 7.3 billion.
Deutsch Motors is also moving to enhance shareholder value by canceling its treasury shares. At a board meeting held on October 26, the company decided to cancel all 1,030,223 treasury shares it holds. The cancellation is valued at approximately KRW 5 billion.
The treasury share cancellation is part of the shareholder return policy outlined in the company's "Corporate Value Enhancement Plan (Value-Up)," disclosed on October 20.
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"We will complete a sustainably stable business structure over the long term as soon as possible within this year and do our utmost to secure profitability," said Kwon Hyukmin, CEO of Deutsch Motors, adding that the company would work to increase shareholder value by improving profitability.
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