Sewon ENC Reports 7.3 Billion KRW Net Profit in H1... "Expecting Improved Sales Performance of Petrochemical Plant Equipment in H2"
[Asia Economy Reporter Hyunseok Yoo] Sewon ENC announced on the 17th that it achieved a cumulative net profit of 7.3 billion KRW for the first half of this year based on consolidated financial statements. Sewon ENC recorded a net profit of 3.6 billion KRW in the second quarter of this year, successfully turning a profit compared to the same period last year. During the same period, sales amounted to 19.3 billion KRW, and operating loss was 2.3 billion KRW.
A company official stated, “Net profit turned positive due to gains on disposal from the sale of tangible assets and the positive impact of exchange rate increases. With a restructuring of the business structure focused on profitability, operating losses narrowed compared to the previous quarter, and the operating profit margin relative to sales improved. We expect this improvement trend to fully take hold starting from this second quarter.”
He added, “The structural reorganization aimed at qualitative growth of the core business has focused efforts on enhancing efficiency and strengthening competitiveness in the chemical plant equipment business, which is expected to lead to improved profitability.”
Sewon ENC’s Chemical Business Division is making every effort to expand orders and improve sales performance for chemical plant equipment, including large LNG projects scheduled to resume orders in the second half of this year.
The subsidiary Cellontech, which is scheduled for sale, has undergone restructuring of its cell therapy division, which has been continuously operating at a loss. The company’s strategy is to focus its capabilities on the medical device division centered on highly profitable bio-collagen.
Hot Picks Today
"Only Two Per Person" Garbage Bag Crisis Was Just Yesterday... Japan Also Faces Shortage Anxiety
- "Samsung Electronics Employee with 100 Million Won Salary Receiving 600 Million Won Bonus... Estimated Tax Revealed"
- Lived as Family for Over 30 Years... Daughter-in-Law Cast Aside After Husband's Death
- 'Will Demand Finally Decline Due to High Prices?'... "I'll Just Enjoy Nearby Trips" as Japan and China See a Surge
- "Wore It Once, Then This? White Spots All Over 4.15 Million Won Prada Jacket... 'Full Refund Ordered'"
Meanwhile, Sewon ENC secured approximately 14 billion KRW in cash by selling an idle factory located in Haman-gun, Gyeongnam, which it held in the second quarter. Most of the proceeds were used to repay borrowings, significantly reducing interest expenses. A company official added, “With additional profits from the disposal of idle assets in the second half, we expect to secure cash liquidity and improve the financial structure.”
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
