UPDATED. 2020-09-25 07:27 (금)
Kolon Industries Q2 profit drop 40%
Kolon Industries Q2 profit drop 40%
  • Gijong Lee
  • 승인 2020.08.03 23:46
  • 댓글 0
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Still, operating profits were slightly higher than market expectations
Image: Kolon Industries
Image: Kolon Industries

Kolon Industries has posted 36.7 billion won in operating profits and 942.3 billion won in sales in the second quarter of 2020, the company said on Monday.

It is a drop of 40.3% and 18%, respectively, from a year prior. However, operating profits were slightly higher than South Korean analysts’ consensus of 32.8 billion won.

The company’s first half performance stands at 63.3 billion won in operating profits and 1.9316 trillion won in sales, a decline of 42.5% and 12.5% from the same time period of 2019.

Kolon said profits from its colorless polyimide film business and fashion division, as well as strong performances of its chemical business helped earnings.

Despite the COVID-19 pandemic, the company will continue to post strong profits going forward 

Demand for materials used in IT infrastructure such as 5G cable will continue to be strong and its aromatic amide factory completed in the first quarter was operating normally, Kolon said.

It will focus on its fashion business as well which is seeing demand rise from leisure activities such as gold and hiking caused by COVID-19.
 


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