Kolon Global Q1 Operating Profit 30.7 Billion KRW... Up 9.2% YoY

[Asia Economy Reporter Moon Jiwon] Kolon Global announced on the 8th that its operating profit for the first quarter of this year, based on consolidated financial statements, recorded 30.7 billion KRW, an increase of 9.22% compared to the same period last year.

Sales amounted to 781.7 billion KRW, a decrease of 0.33% compared to the same period last year, but net profit reached 15 billion KRW, an increase of 33.4% compared to the previous year.

A Kolon Global official explained, "Despite the COVID-19 crisis, our performance continued to rise," adding, "Operating profit and net profit increased significantly compared to last year due to the expansion of sales in highly profitable private housing and completion profits."

The construction division of Kolon Global successfully commenced large-scale housing projects last year, including Suwon Gokbanjeong-dong Haneulchae (contract amount 527.7 billion KRW) and Sinheung Station Haneulchae Landers One (contract amount 393.6 billion KRW).

They have consecutively secured new orders for projects worth 412.7 billion KRW in Seonhwa-dong, Daejeon, and 145.4 billion KRW in Gao-dong, and as of the end of last month, they have secured approximately 1.1 trillion KRW in new orders.

The total order backlog amounts to 8.75 trillion KRW, which is 4.9 times the sales of Kolon Global's construction division last year.

The distribution business division saw sales grow by more than 10% year-on-year due to the expansion of BMW new car sales and the recovery of BPS (premium certified used car) sales volume.

A Kolon Global official stated, "The construction division is expected to grow with the expansion of housing projects and private SOC projects, and the distribution division is also showing strong BMW new car sales."

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