eMARINE Global, Inc., 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.
