Crystal New Materials Submits Opinion on Appropriateness Report... Sales Increase by 11.3%

[Asia Economy Reporter Jang Hyowon] China Crystal New Materials Holdings (CEO Heo Wierun), a specialist in synthetic mica production, has completed the submission of an audit report with an unqualified opinion on time despite the COVID-19 pandemic and announced its performance for the previous year.

On the 16th, Crystal New Materials disclosed through its audit report that it recorded consolidated sales of 84,592,470,000 KRW and operating profit of 28,534,410,000 KRW. Compared to the previous year, sales increased by 11.3%, while operating profit decreased by 9.4%. In RMB terms, sales were 501,790,000 RMB and operating profit was 169,260,000 RMB.

The company stated, "Although the overall sales scale expanded due to increased production through upgrading production facilities and active market development, operating profit decreased due to raw material price increases, higher depreciation expenses, and increased selling and administrative expenses from the establishment of a new sales department." It emphasized, "Productivity is improving profitability gradually, and especially with the expanded role of the newly established sales department, expectations for future performance are high."

Crystal New Materials, a Chinese company listed on KOSDAQ, is expected to proceed with future schedules smoothly as it submitted an audit report with an unqualified opinion on time without delays despite various difficulties caused by the COVID-19 pandemic.

Heo Wierun, CEO of Crystal New Materials, said, "We are striving to proceed without any setbacks from the audit report to the regular shareholders' meeting and the submission of the business report so that Korean shareholders have no concerns." He added, "We will do our best to fulfill our responsibilities as a KOSDAQ-listed company even under difficult conditions."

Meanwhile, Crystal New Materials will hold its regular shareholders' meeting via online video conference. Due to difficulties for executives and employees of the Chinese headquarters to visit Korea amid the COVID-19 pandemic, this shareholders' meeting will inevitably be conducted through a video conference. The domestic convening location is the 6th floor Financial Academy of Donghwa Building in Yeouido. It will be held at 10 a.m. on Wednesday, the 22nd, Korean time.

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