KOMSCO Implements Emergency Measures

The state-run Korean Minting, Security Printing and ID Card Operating Corp (KOMSCO) has announced the implementation of an emergency management system in the face of losses sustained last year.

According to KOMSCO President Ban Jang-sik, who has only been in position since the start of this year, adverse business conditions included a sudden decrease in passport issuance due to the prolonged pandemic, and the company urgently needs to discover future growth engines, particular in this, its 70th, year.

It is a far cry from the company’s results for 2019, in which it announced a record seventh year in a row for sales and profits. Last year still saw an increase in sales, albeit a modest one of 1.3% to 531.7 billion won, but a record operating profit in 2019 turned into a loss of 14.2 billion won.