Sales drop 10% as well
Kolon Industries said on Friday that it posted operating income of 28.7 billion won and sales of 957.5 billion won.
It is steep drop of 44.4% in operating income and a 10.3% decline in sales compared to a year ago.
Kolon said it expects demand from the automobile industry to recover. It also said it was attempting to overcome outside risks from offering high value products in petrochemical resin, film and electronic materials.
Its aromatic amide factory was also in full operation, the company said.
Demand for 5G cable and high value IT infrastructure market will provide Kolon with steady growth going forward, it added.
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