Adomestic satellite company has recently been on the lips of many people. The company is gaining foreign currency through the expansion of exports in this severe economic crisis. This hero is Asia Pacific Satellite Industry (APSI), a satellite-related ground equipment producer. The company has recently sold over 200,000 satellite phones, raising its contract amount up to 72 million dollars (app. 86.4 billion won). By this contract, APSI has guaranteed a steady stream of exports for the next four years. APSI is anticipating huge exchange profits, except from the sale of satellite phones, since it plans to get the SBLC (Stand-by Letter of Credit) from about 50% of customers, leading to a total of 6,130,000 dollars (app. 7300 million won).
The company will soon be the common carrier of satellite mobile communication, which will be APSI's secondary source of growth. Since the beginning of this year, APSI has been determined to become a common carrier and has invested a lot of money and effort toward this goal. APSI has already constructed the L-Band antenna, satellite modem channel, a ground network access switchboard and an accounting application system. Furthermore, APSI will also build CBand satellite earth station and a satellite network station, which will mean investing an additional 12.8 billion won from 2009 to 2013. In addition, APSI is in the process of merging with Kornic Systems, a publicly listed company. On October 13, in a shareholders' meeting, the bill concerning the merger was approved.
The synergy from the merger of two substantial companies is anticipated to be enormous. This will assist not only the increase of all sales, but also the entrance into the satellite assembling and robot manufacturing businesses, their common interests in the near future. Ryoo Jang-soo, the CEO of Asia Pacific Satellite Industry says, "Our company established a foundation which led to small growth. Now we are taking steps to prepare for the next five years, considering this five years as our critical period for huge growth. We will utilize our advanced technologies of communication and machinery to advance into new business areas, the satellite assembling business and robot manufacturing business. These new businesses will assure us status as a new growth engine."
