Kolon Industries Reports Operating Profit of 172.9 Billion KRW Last Year, Up 3.6% YoY

[Asia Economy Reporter Hwang Yoon-joo] Kolon Industries announced on the 19th that its operating profit in 2019 increased by 3.6% to 172.9 billion KRW. During the same period, sales amounted to 4.4072 trillion KRW, up 1.2%, while net profit decreased by 47.8% to 22.4 billion KRW.

The operating profit in the manufacturing sector increased by more than 45% year-on-year due to expanded sales volume, high demand for high value-added products such as aramid, a turnaround in the film business, and reduced losses in other sectors. However, reflecting the performance of consolidated subsidiaries, the overall increase was about 4% compared to the previous year. Pre-tax profit from continuing operations and net profit decreased compared to the previous year due to one-time expenses recorded in the fourth quarter and losses from the disposal of subsidiaries.

Kolon Industries expects sales growth in the industrial materials division and a continued profit trend in the film and electronic materials divisions this year.

A Kolon Industries representative explained, "Aramid is maintaining its sales growth trend. In particular, the expansion that began construction last year is now in full operation and will significantly contribute to Kolon Industries’ performance improvement this year."

He added, "Optimization of the Vietnam tire cord plant established in 2018 is also underway, and with continued demand for foldable smartphones expected, additional performance growth is anticipated in tire cords and transparent polyimide film (brand name: CPI®) sales."

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