Samhwa Paints Reports Q2 Operating Profit of 8.1 Billion KRW, Down 35% Year-on-Year
On August 14, Samhwa Paints Industrial announced that it recorded sales of 177.5 billion KRW and an operating profit of 8.1 billion KRW in the second quarter.
These figures represent a decrease of 2.4% and 34.7%, respectively, compared to the same period last year.
For the first half of the year, sales declined by only 3.8%, from 323.1 billion KRW last year to 310.8 billion KRW this year. However, operating profit dropped by approximately 70%, from 15.5 billion KRW to 4.6 billion KRW. Net profit for the half-year also decreased by 51.9%, from 13.1 billion KRW last year to 6.3 billion KRW this year.
The company explained that the continued high exchange rate environment has impacted its operating profit.
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A company representative stated, "To secure stable sales and profitability over the mid to long term, we are focusing on research and development of new businesses and items. We also plan to sequentially introduce differentiated items compared to our competitors in order to enhance our market competitiveness."
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