Shinsung E&G posts second-quarter loss as revenue rises

Shinsung E&G, which supplies clean-room systems for semiconductor, display and secondary-battery facilities as well as solar products, said it posted a second-quarter net loss of 2.18 billion won (-$1.54 million), after a 39 million won ($27,488) profit a year earlier.

Revenue rose 44.2 percent to 202 billion won ($142 million) from 140 billion won ($98.7 million), while operating profit fell 8.8 percent to 3.06 billion won ($2.16 million) from 3.36 billion won ($2.37 million).

In the first quarter, its clean-environment business generated 144.2 billion won ($102 million), accounting for 93.8 percent of consolidated revenue, while its renewable-energy business generated 8.5 billion won ($5.99 million). The company also cited successive order wins, including Waveis and the SK hynix Indiana project.

Its order backlog stood at about 410 billion won ($289 million) at the end of June.

The chief executive officer and other executives bought Shinsung E&G shares. After issuing a notice in April of its corporate-value enhancement plan, the company cancelled treasury shares in May.

"Through the value-up disclosure planned for August, we will announce a specific plan and continue to repay trust with tangible shareholder returns," a company representative said.