SEOUL – KG Mobility Corp. announced a significant increase in its net profit for the first quarter of the year, reporting on Monday a rise of 226.1 percent to 53.9 billion won (US$39 million). This substantial growth in profit comes even as the company experienced a decrease in sales.
According to Yonhap News Agency, while KG Mobility’s net profit surged, its operating income also saw a robust increase of 61.1 percent to 15.1 billion won during the January-March period. However, sales were down by 7.7 percent, totaling 1 trillion won. The financial details highlight a period of profitable efficiency even amidst a downturn in overall revenue.