SEOUL, Kurly Corp., a South Korean retail tech company, said Wednesday it posted its first monthly profit in December since its foundation on automated logistics centers and new businesses. Kurly operates two e-commerce platforms -- Market Kurly, which sells food and groceries, and Beauty Kurly, which delivers cosmetics. Its earnings before interest, tax, depreciation and amortization (EBITDA) turned to profit last month for the first time since it was established in January 2015, the company said in a statement. "The company's EBITDA increased by 10 billion won (US$7.5 million) in December from a year earlier to report the first-ever profit," a company spokesman said without giving EBITDA figures for the period. EBITDA is different from operating profit, which measures the actual amount of profits from a company's business operations after costs of goods sold and all operating expenses. The "positive" monthly result was helped by two automated logistics centers, which opened in Changwon, 300 kilometers south of Seoul, and Pyeongtaek, south of Seoul, in the first half of last year. Kurly has the third logistics center in Gimpo, just west of Seoul. "Unlike storage-focused logistics centers of Coupang and other e-commerce companies, Kurly's logistics centers serve like a 'factory' in which food and groceries are stored at room temperature, in refrigerators or in freezers. They are packed for deliveries according to orders," the spokesman said. The "optimal" automation system in the centers allows minimum workforce to handle the overall process fast and effectively, driving up productivity, he said. To attract customers, Kurly introduced the membership program dubbed "Kurly Members" in August last year. If customers sign up for the Kurly membership at 1,900 won per month, they receive discounts for their purchases and other benefits. Increased sales on the Beauty Kurly platform also buoyed the monthly result, allowing Kurly's cash and cash equivalents to reach 140 billion won at the end of December, up 12 b illion won from the end of September. "If the current pace of growth continues, the company expects to make a turnaround in terms of EBITDA as early as in the January-March quarter and to turn around in terms of operating profit within this year," he said. As for its planned initial public offering (IPO), Kurly said it will consider pushing forward the IPO once it achieves a long-awaited quarterly turnaround in EBITDA. In August 2022, Kurly received preliminary approval for its stock listing plan from the Korea Exchange (KRX), the country's main bourse. Source: Yonhap News Agency