eMARINE Global Reports 56% Revenue Growth for the Third Quarter
SEOUL, SOUTH KOREA, Nov. 27, 2019 (GLOBE NEWSWIRE) -- eMARINE Global, Inc. (OTC: EMRN), a leading provider of information and communications technology (ICT) for the maritime industry, generated 56% year-over-year revenue growth in the third quarter ended September 30, 2019.
The $1.4 million revenue reported for the quarter was driven primarily through a special promotion related to sales of Teledyne CARIS technology. eMARINE is the exclusive distributor of Teledyne CARIS products in South Korea.
Net income for the three months ended September 30, 2019 increased 394% year-over-year to $532,000, driven by increased sales of higher-margin products and reduced related SG&A expenses.
“We are very pleased with our third quarter performance and expect to report positive net income in the fourth quarter driven by substantial year-over-year revenue growth,” stated Ung Gyu Kim, Chairman and CEO. “We are confident of this guidance as we’ve already secured contracts for our ECDIS technology, an Autopilot Monitoring Simulator project, and installation of the Incheon Vessel Traffic System, all of which will generate recognized revenue in the fourth quarter.”
Founded in 2001 and based in South Korea, eMARINE Global is working with a growing base of marquee customers to achieve maritime ICT convergence through fully integrated products and services, offering state-of-the-art e-navigation, marine Internet of Things (IoT), and marine big data solutions, primarily in Korea with near-term expansion into U.S. and Chinese markets.
About eMARINE Global, Inc.
eMARINE is a provider of information and communications technology in the maritime industry. Specifically, eMARINE provides solutions for collection, integration and display of maritime information abroad and ashore by electronic means to enhance berth to berth navigation and related services. These solutions provide the most efficient means to secure the safety of life at sea and to protect the marine environment. All products and services are offered through subscription, installation, updates and/or maintenance contracts.
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These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from any anticipated results, performance, or achievements. The Company disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise.
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