Raon Robotics Q3 operating profit jumps 259% to KRW 3.9bn as revenue doubles

Raon Robotics, the KOSDAQ-listed maker of vacuum wafer transfer robots for chip fabs, said in a preliminary earnings filing to DART on Oct 30 that third-quarter revenue was KRW 26.5 billion, up 104.7% from KRW 13.0 billion a year earlier and 45.9% above the second quarter.

Operating profit rose 259.3% to KRW 3.93 billion and net profit 121.4% to KRW 2.34 billion. For the first nine months revenue reached KRW 58.9 billion (+51.3%) and operating profit KRW 5.44 billion (+76.4%).

The figures are unaudited. MEKAWIRE's reading of the filing: the quarter turned the year around, because first-half operating profit, derived from the nine-month total, was KRW 1.5 billion, 24% below the prior year; the operating margin rose to 14.8% from 3.1% in the second quarter and 8.4% a year earlier.

Pre-tax profit (KRW 2.86 billion) was about KRW 1.1 billion below operating profit, so non-operating items weighed on the bottom line. The result comes ten days after Raon Robotics broke ground on a KRW 60 billion head office and plant in Yongin, about 1.7 times its equity, which we covered on Oct 23.

A separate filing calls an extraordinary shareholders meeting on Nov 12 to move capital reserves into retained earnings.