M83 Reports 1.5 Billion KRW Operating Profit in Q2

M83 (476080) recorded an operating profit of 1.5 billion KRW in the second quarter of 2023, marking a return to profitability. This improvement is attributed to the recovery in the profitability of its core visual effects (VFX) business and the revenue from its 100% subsidiary, PNT Link, in AI infrastructure. The consolidated revenue for the second quarter reached 49 billion KRW, a 54% increase compared to the same period last year, while the consolidated revenue for the first half of the year was 115.8 billion KRW, up 172% year-on-year. In the first quarter, the consolidated revenue was 66.9 billion KRW, with an operating loss of 2.6 billion KRW; however, in the second quarter, the revenue decreased while the operating profit turned positive. The standalone performance also recovered, with standalone revenue in the second quarter reaching 5 billion KRW, an 82% increase compared to the same period last year, and an operating profit of 500 million KRW, marking a return to profitability. The improvement in profitability of the VFX core business has driven the recovery of standalone performance, and AI technology is being applied to the production process to enhance work efficiency. PNT Link recorded revenue of 96.3 billion KRW in the first half of this year, nearing last year's total annual revenue of 96.9 billion KRW. An M83 representative stated that the second quarter was a period where the growth of the AI infrastructure business coincided with improvements in productivity and profitability of the VFX core business.

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