Kolon Industries 3Q Operating Profit 28.7 Billion KRW... 44.4% Decrease YoY

[Asia Economy Reporter Park So-yeon]Kolon Industries announced on the 6th that its consolidated operating profit for the third quarter of this year was tentatively estimated at 28.7 billion KRW, a 44.4% decrease compared to the same period last year. Sales amounted to 957.5 billion KRW, down 10.28% from the same period last year. Net profit decreased by 18.57% to 12.8 billion KRW.

The company explained that sales increased due to the recovery in demand for automotive materials, but operating profit declined compared to the previous quarter due to losses in the fashion division caused by the resurgence of COVID-19 and the seasonal off-season.

Kolon Industries is currently overcoming external risks through the recovery trend in automotive materials and the competitiveness of materials in petroleum resins, films, electronic materials, and high value-added products. In particular, the aramid business, including the expanded production line, is currently operating at full capacity.

With the growth of the high value-added IT infrastructure market such as 5G cables, sales and profitability are expanding, and steady growth is expected. The fashion division is expected to see improved performance in the fourth quarter due to the winter peak season and the boom in the outdoor market driven by increased outdoor activities in the untact era.

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