UPDATED. 2024-07-19 07:49 (금)
Cover glass maker JNTC returns to the black in 1st half
Cover glass maker JNTC returns to the black in 1st half
  • Gijong Lee
  • 승인 2023.08.16 16:48
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Thanks to high demand from smartphones
Image: JNTC
Image: JNTC

3D cover glass maker JNTC said on Monday that it recorded 55.5 billion won in revenue and 4 billion won in operating profit in the second quarter.

For the entire first half, it recorded 112.8 billion won in revenue and 6.2 billion won in operating profit.

Revenue jumped 33% compared to a year ago while it returned to profitability over the same time period.

While demand for its glasses for connectors dropped, those for cover glass increased by 64% year-on-year.

JNTC said it invested two years in developing a new product that is seeing more diverse demand.

Looking ahead, the earnings of its main customer Huawei’s smartphone business are expected to affect JNTC’s earnings for the remainder of the year.

The screens of flagship smartphones have curvatures on their side to improve how they can be gripped as this requires JNTC’s curvature cover glass processing technology.

In June, market analyst firm Omdia said it expected Huawei’s smartphone shipment this year to increase to 36 million units from last year’s 28.1 million units.

Other companies such as Samsung, Apple, Xiaomi, Oppo, and Vivo are expected to see their shipment drop year-on-year, the analyst firm also said.

JNTC also resumed supplying its cover glasses to Samsung last year after a hiatus.

JNTC CEO Jang Yong-sung, who become the chief executive in 2021, use to work at Samsung’s mobile business, which likely helped the company win orders from the smartphone maker.

JNTC supplied the cover glasses used in Galaxy S22 Series and the Galaxy S23 Series.

The glassmaker is also seeing orders from automakers increase. Revenue from the sector was 2.7 billion won in 2021 but JNTC expects an annual revenue of 55 billion won this year.

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