Kumho Petrochemical 1Q Operating Profit 133.1 Billion KRW... 7.2% Decrease YoY (Comprehensive)

[Asia Economy Reporter Park So-yeon] Kumho Petrochemical announced on the 8th that its consolidated operating profit for the first quarter of this year was tentatively estimated at 133.1 billion KRW, a 7.2% decrease compared to the same period last year. This figure exceeds the securities firms' operating profit consensus (forecast) of 93.7 billion KRW by 42%. Compared to the previous quarter, operating profit increased by 735.8%. Sales amounted to 1.2255 trillion KRW, down 3.6% from the same period last year. Net profit rose 12% to 127.6 billion KRW. Kumho Petrochemical has shown particularly strong performance despite the recession caused by COVID-19. Despite the COVID-19 crisis, due to the nature of fine chemicals, contracted sales continued, and it is analyzed that the company benefited from a ripple effect as competitors in China and Southeast Asia experienced operational disruptions. Sales of latex (medical gloves) and Acelon (hand sanitizer) showed strong performance due to COVID-19, and margins expanded thanks to a decline in raw material prices driven by falling oil prices. Another factor contributing to the improved performance is that the company operated its facilities at 100% capacity following regular maintenance in the fourth quarter of last year.

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