[Public Notice+] Igeonsanup, Q1 Operating Profit Turns Positive... "Strengthening Premium Product Line"

[Asia Economy Reporter Eunmo Koo] Igeon Industry has succeeded in turning its operating profit positive compared to the same period last year, thanks to efforts to reduce costs. This year, the company plans to target the high-end product market.

Igeon Industry announced on the 15th that its separate basis operating profit for the first quarter of this year was 2.3 billion KRW, turning positive compared to the same period last year. Sales increased by 1.1% to 35.8 billion KRW, and net profit rose by 20.3% to 2.8 billion KRW.

On a consolidated basis, operating profit increased by 18.9% year-on-year to 4 billion KRW, while sales decreased by 1.4% to 60.9 billion KRW. Net profit increased by 19.8% to 1.8 billion KRW.

Igeon Industry is a comprehensive building materials specialist company dealing with flooring and plywood. Through overseas afforestation projects, it produces logs and veneer to manufacture flooring and plywood, and has a value chain that extends to auxiliary materials and power generation business.

A company official explained, "First quarter sales were at a similar level compared to last year, with almost no impact from COVID-19," adding, "Profitability improved due to cost reductions from securing new supply chains for some raw materials." He continued, "In April, we launched a new solid wood flooring brand, Largo," and said, "We are enhancing competitiveness by expanding our high-end product lineup."

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