Hanchang Q1 Operating Profit 4 Billion KRW... Up 396.8% YoY

[Asia Economy Reporter Jang Hyowon] HanChang, a KOSPI-listed company (CEO Choi Seunghwan), has embarked on a large-scale performance turnaround.

HanChang announced on the 12th that its consolidated operating profit for the first quarter of this year increased by 396.8% to 4.04 billion KRW. Sales for the same period recorded 22.8 billion KRW.

HanChang achieved sales in the first quarter alone equivalent to 64% of last year's annual sales. The operating loss, which had expanded last year, successfully turned around to a large-scale profit in the first quarter of this year.

The company cited the main reasons for the strong first-quarter performance as ▲ subsidiary Hanju Chemical's highest quarterly performance since its founding ▲ stabilization of the steel distribution business ▲ increased profits from real estate sales and leasing businesses.

Choi Seunghwan, CEO of HanChang, stated, “Due to environmental regulations and the Serious Accidents Punishment Act, demand for eco-friendly and safe clean extinguishing agents has surged, and we expect Hanju Chemical, our subsidiary, to achieve its highest-ever performance this year. We will contribute to profit generation through the sale and leasing of owned real estate and the full-scale launch of ESG new businesses, striving to lead to an annual performance turnaround.”