[Announcement+] Espolytech Q3 Operating Profit 6.1 Billion KRW... 45% Increase YoY

[Asia Economy Reporter Eunmo Koo] Engineering plastics specialist Espolitec continues to achieve steady performance growth despite the impact of the novel coronavirus disease (COVID-19).

Espolitec announced on the 12th through a public disclosure that its operating profit based on consolidated financial statements for the third quarter of this year was 6.1 billion KRW, a 45% increase compared to the same period last year. During the same period, sales rose 18% to 40.7 billion KRW, and net profit also increased by 4% to 3.7 billion KRW.

Cumulative performance also improved. Operating profit increased by 17% to 14 billion KRW, and net profit grew 11% to 10.6 billion KRW. Sales also reached 105.1 billion KRW.

An Espolitec official explained, “We installed virus-blocking partitions at major institutions such as the National Assembly, the Government Complex Sejong, and schools, and the fact that we continue to export to the United States, where COVID-19 cases are still occurring, is the reason for the improvement in performance.”

Orders for products other than quarantine-related items also proceeded smoothly. Espolitec is supplying 800 tons of PC sheets for soundproof tunnels to the Gyeonggi Housing and Urban Development Corporation and is expanding exports to the U.S. of flame-retardant PC for aircraft and PC for fuel dispensers.