Doosan Solus Q3 Operating Profit 7.5 Billion KRW... 34.2% Decrease from Previous Quarter

Hungary Factory Begins Full-Scale Production of Battery Foil; Q4 Earnings Expected to Rebound with Copper Foil Demand Recovery

[Asia Economy Reporter Ki-min Lee] Doosan Solus announced on the 19th that it recorded consolidated sales of 74 billion KRW and operating profit of 7.5 billion KRW in the third quarter of this year.

This represents a decrease of 1.4% and 34.2%, respectively, compared to the second quarter of this year.

Copper foil sales decreased from 46.1 billion KRW in the second quarter to 40.7 billion KRW in the third quarter due to a slowdown in 5G investment.

Doosan Solus explained that the battery foil sales, which were expected to occur in the third quarter, will be reflected in the fourth quarter when the Hungary plant begins full-scale operation, due to the spread of the novel coronavirus (COVID-19).

The advanced materials division, which leads businesses such as OLED and bio materials, achieved quarterly record sales by increasing from 29 billion KRW in the second quarter to 33.3 billion KRW in the third quarter. Strong sales of smartphone flagship models and growth in the mid-to-low-end smartphone market drove the performance.

A Doosan Solus official stated, "In the fourth quarter, both the battery foil and advanced materials business divisions are expected to show steady sales growth," adding, "Full-scale mass production of battery foil at the Hungary plant, recovery of copper foil demand due to the resumption of 5G investment, launch of flagship models by global smartphone brands, and increased sales of moisturizing raw materials and ingredients for cosmetics in the winter season are anticipated."

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