Kolon Q1 Operating Profit 66.6 Billion Won...25.7% Decrease YoY

[Asia Economy Reporter Kim Hyewon] Kolon Co., Ltd. announced on the 17th that its operating profit for the first quarter of this year, based on consolidated financial statements, was 66.6 billion KRW, a 25.7% decrease compared to the same period last year (89.6 billion KRW).

During the same period, sales increased by 21.7% to 1.2551 trillion KRW compared to the same period last year, while net profit decreased by 30.6% to 45.1 billion KRW.

The company explained that the first quarter results actually showed growth in all sectors when excluding the one-time gain from the sale of SKC Kolon PI shares by Kolon Industries, which was reflected in the same period last year.

Excluding last year's one-time gain, first quarter operating profit increased by 90.5%, sales by 28.5%, and net profit by 333.7%.

The first quarter sales were largely influenced by the expansion of housing and construction businesses in the construction division of the subsidiary Kolon Global, as well as increased sales of new BMW vehicles.

Operating profit and net profit were analyzed to reflect the smooth progress of large projects by Kolon Global and the improved performance of industrial materials and film/electronic materials businesses of Kolon Industries, an equity-method affiliate.

Kolon stated, "We will continue the trend of performance growth based on the stable growth of Kolon Global, expansion of renewable energy businesses such as wind power, and new businesses of Kolon Industries including high value-added products and hydrogen fuel cells."