KCC Glass Turns to Loss in Q1... "Impact of Construction Slump"

56 Billion KRW Operating Loss... Sales Up 15%
Depreciation Expenses from Indonesia Plant
"Pursuing High Value-Added Products and Overseas Market Expansion"

KCC Glass announced on May 13 that it recorded sales of 448.7 billion KRW and an operating loss of 5.6 billion KRW in the first quarter of this year.

Sales increased by 15.3% compared to the same period last year, but the company turned to a loss. In the first quarter of last year, KCC Glass posted an operating profit of 20.8 billion KRW.

This was largely due to the prolonged slump in the construction industry caused by high interest rates and rising construction costs. In addition, depreciation expenses from the start of commercial production at the Indonesia plant also negatively impacted profitability.

A KCC Glass representative stated, "We plan to increase the proportion of sales from high value-added products such as high-insulation coated glass and maximize sales capabilities and productivity based on data," adding, "We will also stabilize the yield at the Indonesia plant, expand the local glass sales network, and actively grow our presence in overseas markets such as the United States and Europe through luxury vinyl tile (LVT) products."