Shortcut to Body Shortcut to main menu

Invest Korea

Search

Investment News

  • Home
  • Information Center
  • Newsroom
  • Investment News
Aircraft manufacturer KAI Q1 net jumps 87 pct on exports
Date
2020.04.29
Views
361


According to Yonhap News,

SEOUL, April 29 (Yonhap) -- Korea Aerospace Industries Co. (KAI), South Korea's sole aircraft manufacturer, said Wednesday its first-quarter profit jumped 87 percent from a year earlier as jet trainer exports were reflected in the bottom line.

Net profit for the January-March quarter jumped to 79.5 billion won (US$65 million) from 42.5 billion won in the year-ago period, KAI said in a regulatory filing. "Payments from the (Seoul) government for the Korean fighter jet project were made in the first quarter, and the Thailand government's payments for a part of eight exported T-50TH advanced jet trainers were also reflected in the bottom line," a company spokeswoman said.

The won's weakness against the U.S. dollar also drove up the value of dollar-denominated payments from Thailand when converted into the local currency, she said.

The won fell to an average of 1,125.08 against the dollar in the first quarter from 1,193.60 won a year ago, according to the Bank of Korea.

Operating profit soared 98 percent to 66.1 billion won in the first quarter from 33.4 billion won a year ago. Sales rose 31 percent to 827.7 billion won from 630.9 billion won during the same period.




Source Text


Copyrights Yonhap News. All Rights Reserved.
Reprint or redistribution without permission is prohibited.



Source: Yonhap News (Apr. 21, 2020)


Meta information