YAS returns to operating profit as quarterly revenue surges

YAS returned to operating profit in the second quarter, reporting 26.2 billion won after a loss a year earlier, while revenue rose, according to a regulatory filing made on July 29.

The preliminary results cover the three months from April 1 through June 30, while accompanying cumulative results cover the period from Jan. 1 through June 30.

Revenue during April through June reached 87.2 billion won, rising 167.1 percent from the preceding quarter and 1373 percent from a year earlier, the filing showed.

Operating profit rose 384.1 percent from the preceding quarter to 26.2 billion won, following an operating loss in the year-earlier period.

Net income reached 25.4 billion won, up 354 percent from the previous quarter and reversing a loss reported a year earlier.

For the cumulative period from Jan. 1 through June 30, YAS reported revenue of 120 billion won, up 1107 percent from a year earlier. Operating profit for the six-month period turned to a 31.6 billion won profit after an operating loss in the corresponding period last year. Net income also swung to a 31.1 billion won profit from a loss a year earlier, the filing showed.

According to company disclosures, YAS manufactures and sells deposition equipment and deposition sources, or evaporation sources, for making OLED panels. Its sales structure calls for it to receive orders for deposition equipment directly from customers, manufacture the equipment and deliver it directly to those buyers.

In the first quarter, deposition systems and evaporation sources recorded sales of 19.8 billion won, representing 60.6 percent of total revenue. Equipment modification services and parts recorded sales of 12.9 billion won, accounting for 39.4 percent of total revenue.

Export sales in the first quarter came to 24 billion won, or 73 percent of total revenue, with China identified as the company's main export country, company disclosures showed.

YAS signed a contract for a manufacturing-equipment order on April 17, and the disclosed contract deadline requires delivery by Nov. 6.

On July 30, a separate preliminary disclosure based on consolidated financial statements listed operating profit at 28 billion won and net income at 27.2 billion won.

The company also disclosed a single sales and supply contract on June 15 and a decision to increase short-term borrowing on July 31.