Powerlogics turns to black in Q1: Revenue +35%, OP 7.8bn won

Consolidated Q1 revenue 241.3bn won (YoY +35%), operating profit 7.8bn won (vs loss 4.1bn), net profit 8.9bn won (vs loss 1.9bn).
Separate revenue 183.8bn won, operating loss 0.5bn won, net loss 1.2bn won, but loss narrowed YoY.
Top customer accounts for 74.4% of revenue (179.5bn), concentration increased from 55.8%.
Short-term borrowings increased to 62.9bn won from 48.7bn; new 11bn won loan from Korea Exim Bank.
R&D expense 3.1bn won (1.66% of revenue).
No additional impairment in Q1; previous year recorded 15.9bn won impairment on ES segment assets.
Subsidiary Seongeun excluded from consolidation due to stake sale.