4 days ago
Innometry swings to profit in Q2
Innometry, a Korean maker of X-ray inspection solutions, said Thursday its operating profit and net income returned to profitability in the second quarter, driven by new projects and cost-cutting measures.
Operating profit reached 1 billion won ($723,000) and net income 600 million won, reversing losses from the first quarter. Revenue rose 22 percent from the previous quarter to 10.6 billion won.
The company stated that while it remained in the red for the first half of the year, it has now fully recovered from a temporary stagnation in electric vehicle demand and the fallout from Swedish EV battery-maker Northvolt's bankruptcy, with the second quarter showing great improvement in performance.
'The cost-saving efforts we've pursued since last year, including management innovation and process optimization, have now yielded visible results,' said Hwang Jin-chul, executive vice president and head of the management support division at Innometry.
'We expect even stronger momentum in the second half, with increased orders from major domestic clients and new customers in China, as well as gains from new business initiatives.'
Innometry develops non-destructive inspection equipment that uses X-ray CT technology to detect internal defects in secondary batteries without damaging the product. The company supplies inspection systems to mass production lines of Korea's top three battery-makers and other global cell manufacturers.
'The secondary battery industry is undergoing a restructure, but Innometry is strengthening its market position through strict quality, cost and delivery management,' said Lee Gap-soo, CEO of Innometry.
He added that Innometry expects stronger results in the second half of the year, boosted by new Chinese orders and expansion into Through Glass Via substrates, smartphones and defense.
