Kolon Industries Reports Operating Profit of 26.5 Billion KRW... 45.3% Decrease YoY

[Asia Economy Reporter Hwang Yoon-joo] Kolon Industries announced on the 12th that its consolidated net profit for the first quarter of this year was 26.5 billion KRW, a decrease of 45.3% compared to the same period last year. During the same period, sales amounted to 989.3 billion KRW, down 6.5%, while net income increased by 711.8% to 163.1 billion KRW.

Operating profit increased compared to the previous quarter due to improved performance in the petroleum resin business, steady demand for high value-added products such as aramid, and a profitable trend in the film business, but it decreased compared to the first quarter of last year. Sales also slightly declined due to the seasonal off-season in the fashion business and the impact of the novel coronavirus disease (COVID-19). Pre-tax profit from continuing operations and net income surged significantly, reflecting gains from the sale of SKC Kolon PI shares.

Kolon Industries plans to overcome external risks and maintain a solid performance trend through the competitiveness of materials in petroleum resin, film, electronic materials, and high value-added products, despite the ongoing impact of COVID-19.

In particular, the aramid business is maintaining a stable sales trend as the expansion line completed in the first quarter is operating normally, and demand for IT infrastructure materials such as 5G cables is steadily increasing. The transparent polyimide film (CPI®) business is also expected to see continuous growth in sales volume as the foldable phone market and display form factors diversify and demand increases.

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