SEOUL, SOUTH KOREA, April 30, 2019 (GLOBE NEWSWIRE) -- eMARINE Global, Inc. (OTC: EMRN), a leading provider of information and communications technology (ICT) for the maritime industry, announces its financial and operating results for the fiscal year ended December 31, 2018.
2018 Highlights:
- Revenue up 15% year-over-year to $3.96 million (4,589 million Won)
- Cost of revenue decreased 15% year-over-year to $2.65 million (3,069 million Won)
- Selling, general, and administrative expenses decreased 23% year-over-year to $1.81 million (2,108 million Won)
- Net loss decreased 57% year-over-year to $0.98 million (1,138 million Won)
“We are pleased to report another year of strong growth and operational improvements,” stated Ung Gyu Kim, Chairman and CEO. “Our impressive performance was driven primarily by increasing sales of our maritime GIS software, new service contracts, and five smart/autonomous ship research projects funded by the South Korean government.”
“Strong revenue growth, combined with meaningful cost reductions, enabled us to significantly decrease net loss in 2018. Looking forward, with the expansion of our coastal surveillance business through several Vessel Traffic System (VTS) projects and the continued rollout of our autonomous ship solutions for public and private sector customers, we expect revenue growth will accelerate to 20% in the first half of 2019, compared to the first half of 2018.”
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.
eMARINE Global’s customer base includes Hyundai Heavy Industries, Samsung Heavy Industries, and SAAB.
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.
Forward-Looking Statements
Statements preceded by, followed by, or that otherwise include the words “believe”, “anticipate”, “estimate”, “expect”, “intend”, “plan”, “project”, “prospects”, “outlook”, and similar words or expressions, or future or conditional verbs such as “will”, “should”, “would”, “may”, and “could” are generally forward-looking in nature and not historical facts.
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.
Contact:
Dave Gentry
RedChip Companies
407-644-4256, ext. 104
dave@redchip.com