GWANGJU < invest Korea

(GWANGJU = Newsis) Gwangju Metropolitan City Corporation (GMCC) announced on 22 December that it had recorded a net profit of KRW 20 billion for the year of 2013.

The GMCC held its board of directors meeting on 20 December to report its net profit of KRW 20 billion and an earned surplus of KRW 75 billion and decided its business plans for 2014.

The firm’s net profit has steadily increased since 2011. It recorded a net profit of KRW 900 million in 2011, and KRW 6 billion and 20 billion for the next two years.

The business profit rate also saw a dramatic increase of 133 percent in 2013, and the earned surplus is expected to post KRW 75 billion at the end of the year. The business profit rate in 2012 was 107 percent.

The firm explained that it was able to post a surplus because its administration advancement initiative introduced in 2011 was carried out according to plan.

“We will aim to carry out our advancement initiative as planned and record an earning surplus of KRW 100 billion in 2014, and become the most contributing company in Korea,” said the President of GMCC Hong gi-nam.

kykoo1@newsis.com

Source Text

Source: Newsis (Dec. 22, 2013)

** This article was translated from the Korean.