Kolon Plastic Reports Operating Profit of 3.9 Billion KRW Last Year, Down 62.6% YoY

[Asia Economy Reporter Hwang Yoon-joo] Kolon Plastics Co., Ltd. announced on the 8th through a provisional earnings report that its consolidated operating profit for last year was 3.9 billion KRW, a decrease of 62.6% compared to the previous year. During the same period, sales amounted to 295.2 billion KRW, down 10.6%, and net profit was 3 billion KRW, down 44.9%.

Although earnings declined compared to the previous year, the company explained that quarterly results showed a clear improvement in the fourth quarter of last year. Sales in the fourth quarter of last year were 86.6 billion KRW, up 12.8% from the previous quarter, and operating profit was 5.7 billion KRW, an increase of 6849.5% from the previous quarter. This was thanks to a significant increase in demand from domestic and overseas customers such as automobile and home appliance manufacturers.

Kolon Plastics expects profitability to continue improving this year through full operation of production plants and expansion into high value-added markets. In particular, responding to the growing demand for eco-friendly automobile parts and lightweight materials for electric vehicles and hydrogen vehicles, the company is focusing on enhancing competitiveness in the eco-friendly automobile materials and parts market by developing materials for electric vehicle battery modules, connectors, charging parts, hydrogen tank parts, and securing references.