Vehicle integrated security platform company Fescaro (FESCARO) said on Tuesday it recorded 16.6 billion won in revenue last year and returned to net profit.

Fescaro posted, on a separate financial statement basis, revenue of 16.6 billion won, operating profit of 1.1 billion won and net profit of 2.1 billion won last year. Revenue grew 16 percent from a year earlier. It said operating profit fell from the previous year due to R&D investment to develop new solutions and spending on listing-related costs.

The company also stressed that it maintained a profit trend despite higher costs as a growth-stage company, reflecting share-based compensation expenses that do not involve cash outflows and one-off listing-related costs.

Fescaro CEO Hong Seok-min (홍석민) said, "We have focused on proving corporate sustainability through actual business performance and financial structure." He added, "We will continue to strengthen competitiveness in the mobility cybersecurity market based on debt-free management and a stable capital structure."

Fescaro, founded in 2016, is a vehicle integrated security platform company that has provided security solutions for automotive electronic components, vehicle communication security solutions and regulatory response IT solutions.