TYM records the highest semi-annual performance in North America since its inception
TYM has announced that it has recorded 461.8 billion won in sales, 37 billion won in operating profit, and 28.2 billion won in net profit for the first half of this year. This is a 28.7 percent increase in sales, 74.4 percent increasing in operating profit, and 94.4 percent increase in net profit compared to the same period last year.
Sales based on consolidation in the second quarter also recorded 246.6 billion won, operating profit of 24.2 billion won, and net profit of 16.2 billion won, which greatly increased to 89.4 percent and percent respectively.
TYM's biggest performance in the first half of the year was led by an increase in exports to North America based on stable domestic sales. North American exports went up by 23.7 percent from the previous year, comprising 233.8 billion won (83.4 percent) from worldwide total exports of 280.2 billion won. Increased sales and profits of subsidiaries of International General Machinery and GMT also affected TYM’s consolidation performance.
In addition, the increase in performance in the first half of the year reflected the effect of cost reduction. Due to the effect of operating leverage, the cost ratio has been lowered and the operating profit ratio has improved significantly. There were concerns about a surge in export costs, but export costs accounted for only a 3.52%p increase in sales. Foreign exchange gains and losses of 3.6 billion won were also reflected.
Continuous growth is expected in the second half of this year. A TYM official said, "In North America, consumption trends have settled since the global pandemic. Sales of TYM tractors have begun increasing as well. Considering the purchase patterns, trends, and pre-orders in the local market, supply is expected to increase by the end of the year.”
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