SEOUL, KOREA - Infopia, a Korean manufacturer of blood glucose monitoring systems, announced on May 16 that it posted sales of 12.1 billion won, an operating profit of 900 million won, and a net profit of 2.3 billion won for the first quarter of this year.
Year-on-year, sales, operating profits, and net profits all grew by 22 percent, 87 percent, and 1,800 percent, respectively. The company explained that the foreign income of 1.1 billion won contributed to increasing its net profits up to 2.3 billion won. In particular, 78 percent of its sales stemmed from blood glucose monitoring systems.
A company official said, "The operating profit-to-sales ratio was not high due to increases in the share of fixed expenses such as personnel and R&D expenses, resulting from the expansion of investment in new businesses last year." "However, we maintained stable profits thanks to tighter management of our U.S. business unit, plus conservative forex strategies," he added.
