Samkwang Glass Turns Profit Last Year... "Effect of Focusing on Glass Business"

[Asia Economy Reporter Kim Daeseop] Samkwang Glass announced on the 29th that it has overcome years of deficit crisis and succeeded in turning operating profit positive last year.

Based on last year's consolidated financial statements, it recorded sales of 284.2 billion KRW, operating profit of 1.1 billion KRW, and net profit of 1.2 billion KRW. It escaped from deficit after 3 years. Compared to the 24.8 billion KRW deficit recorded in 2018, this is an improvement of 25.9 billion KRW. Sales and net profit also increased by 18.9 billion KRW and 12.7 billion KRW respectively compared to 2018.

This performance increase was influenced by the rise in sales due to strong glass bottle orders following the sales success of HiteJinro's new products and the trend of increasing overseas exports. In addition, in the household goods business sector, which includes the flagship brand Glasslock, online sales increased and new product sales volume rose, acting as a positive factor for operating profit.

Also, in July last year, the company signed a contract to sell its can business division to Hanil Container through a simple physical division method. The division sale process was finalized on October 29 last year with a final sale price of 55.5 billion KRW.

Samkwang Glass recently established an online team within the Household Goods Business Headquarters through organizational restructuring. It plans to further support the increase in Glasslock online sales.

Moon Byungdo, CEO of Samkwang Glass, said, "Achieving an annual profit in 2019 is an important achievement for Samkwang Glass in overcoming the deficit crisis that lasted for several years," and added, "We will focus more on the household glass manufacturing business and do our best to discover growth engines for the company through active new product development and sales expansion."

This content was produced with the assistance of AI translation services.