Kolon Co., Ltd. Reports 3Q Operating Profit of 55.6 Billion KRW, Up 60.7% Year-on-Year

[Asia Economy Reporter Park So-yeon]Kolon Corporation announced on the 16th through its quarterly report disclosure that it recorded consolidated sales of 1,205.8 billion KRW and operating profit of 55.6 billion KRW for the third quarter. These figures represent increases of 12.8% and 60.7%, respectively, compared to the same period last year. Net profit for the period was 27.8 billion KRW, marking a 205.5% increase year-on-year.

The significant increase in sales was driven by the expansion of housing business sales from its subsidiary Kolon Global and increased sales of new BMW models. Operating profit and net profit saw substantial growth due to the strong third-quarter performance of Kolon Global, following its solid results in the second quarter. The expansion of high-margin private housing sales, improvement in cost ratios, and increased sales of new BMW models contributed to the notable performance improvement.

A Kolon representative stated, "Although the impact of COVID-19 continues, we expect sustained growth based on Kolon Global, our subsidiary, which has secured a substantial backlog of orders in the housing business division and is delivering stable results in the distribution business division."

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