[Asia Economy Reporter Hyunseok Yoo] Crystal New Materials announced on the 29th that its consolidated first-quarter results recorded sales of 14,984.38 million KRW, operating profit of 4,134.71 million KRW, and net profit of 3,052.96 million KRW. Compared to the same period last year, sales decreased by 6.69%, but operating profit and net profit increased by 3.97% and 4.37%, respectively.
Based on the Chinese yuan (RMB), sales were 87,699,786 RMB, operating profit was 24,199,424 RMB, and net profit was 17,868,204 RMB. Sales decreased by 9.07%, while operating profit and net profit increased by 1.32% and 1.71%, respectively.
The company explained, "Due to the COVID-19 situation, the extension of national statutory holidays at the beginning of the year led to an increase in non-working days and a decrease in order volume, which affected the overall production volume and sales decline. In response, the company made company-wide efforts to quickly normalize operations through systematic quarantine management and reduce selling and administrative expenses. Despite the decrease in sales, operating profit and net profit recorded increases compared to the same period last year."
Crystal New Materials is exploring and implementing various measures to improve productivity and reduce costs in its core business to enhance profitability. Additionally, the company plans to expand sales channels by strengthening its sales capabilities and further increase performance scale through strategic new businesses.
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