[Asia Economy Reporter Eunmo Koo] Dongwon Industries recorded its highest-ever performance for the first half of the year.
Dongwon Industries announced that its cumulative operating profit based on consolidated financial statements for the first half of this year reached 179.6 billion KRW, a 41% increase compared to the same period last year. During the same period, sales increased by 24.2% to 1.6723 trillion KRW, and net profit also rose by 51.2% to 133.5 billion KRW.
A Dongwon Industries official stated, “The growth in the fisheries business sector, which harvests seafood such as tuna, has been remarkable this year. The improvement in Dongwon Industries’ standalone financial statements has generally driven the overall performance enhancement this year. Although the core subsidiary, the U.S.-based StarKist, saw a slight decrease in profit, its sales volume is expanding, which is encouraging.” He added, “Balanced growth across all business sectors is expected in the second half, and we anticipate achieving the highest annual performance.”
Dongwon Industries, which has served as an intermediate holding company, is set to transform into a business-type holding company through a merger with Dongwon Enterprises in the second half of this year. The Dongwon Group’s strategy is to simplify the governance structure centered on Dongwon Industries to improve management efficiency and maximize business synergies among affiliates.
On the 30th of this month, Dongwon Industries will hold an extraordinary general meeting of shareholders to approve the merger agenda along with amendments to the articles of incorporation for a stock split aimed at increasing the number of outstanding shares. The par value of Dongwon Industries’ shares will be split from 5,000 KRW to 1,000 KRW, and if the proposal passes, the new shares will be listed and traded starting November 3.
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