NOROO Paint Reports Q2 Operating Profit of 14.1 Billion Won, Down 25% Year-on-Year

NOROO Paint announced on the 14th that it recorded consolidated sales of 224.4 billion won and operating profit of 14.1 billion won in the second quarter.

These figures represent decreases of 2.3% and 24.6%, respectively, compared to the same period last year.

For the first half of the year, cumulative sales fell 1.4% from 402.1 billion won to 396.5 billion won, while operating profit dropped 32.1% from 27.7 billion won to 18.8 billion won. Net profit for the half year was 9.1 billion won, a 60% decrease from last year's 22.7 billion won.

The company stated that it managed to maintain stable performance and defend its sales despite the combined challenges of a rising exchange rate and a sluggish construction market.

NOROO Paint said, "The domestic construction market continues to experience an overall downturn due to interest rate burdens, delays in housing pre-sales, and reduced infrastructure investment. The paint industry is also facing major challenges from shrinking demand for new housing and intensified competition in the repainting market. Nevertheless, NOROO Paint has secured a stable business foundation by expanding repainting projects in the Seoul metropolitan area, diversifying the specialty coatings market, and increasing the proportion of eco-friendly and high value-added products."

NOROO Paint is expanding its new business by mass-producing six types of advanced new materials, including molding agents for secondary batteries. The company aims not only to defend short-term performance but also to develop these as core profit sources for the future.

A NOROO Paint official stated, "Although the external environment remains challenging, we are turning uncertainty into opportunity by pursuing sound management and expanding high value-added new products. Through technological innovation and market diversification, we will build a sustainable growth structure that remains resilient despite fluctuations in the construction and manufacturing sectors."