10 Jun 2010
Songwon Group announces a positive performance for Q1 2010
- Songwon Group continues its positive trend achieving a net profit of 6.3 Billion KRW for Q1 2010
- Songwon realigns its Chinese activities in order to more effectively develop a stronger presence in the region and as part of a strategic focus to extend its geographical coverage
- Service, cost competitiveness, product range extension and safety remain key priorities
Ulsan, Korea – June 10, 2010 - Songwon Group, a leading global supplier of additives and other chemicals to the plastic industry, announces a net profit of KRW 6.3 Billion for the first Quarter of 2010. Sales were up 9%, compared to the fourth quarter 2009, driven again by a significant increase in sales volumes and a positive price development. Operating Income is up by about 10% also driven by sales volumes, price gains and a favorable product mix. Both results have been achieved despite significantly unfavorable effects of currency and raw material prices.
Chairman Jongho Park commented: “We are happy to report again a solid result for Songwon. This result is particularly interesting when we consider the dramatic changes taking place in currency exchanges and the continuous and severe increase of raw material costs. In the last few years we have created a very solid foundation for our business and this has allowed us to weather this difficult ”storm”. We are focused on the implementation of our strategy. We continue to grow, expanding our regional presence and introducing new innovative solutions. Key actions taken in the last few months include the set up of Songwon China, our announcement with Baifu on thioesters, and our redeployment in India.” We see new challenges coming up: the dramatic change in exchange rates, the uncertain economic and financial situation in Europe and the continuous and the dramatic influence of raw material costs.
We continue to monitor these developments so that we can take the right measures to minimize possible negative impacts. Our full commitment to quality, service and regulatory support is part of Songwon’s everyday life and the steps we are taking now will allow us to continuously improve our ability to address customer needs.”
(1$ was approximately equal to 1150 KRW at the time of closing the quarter)
| Period January 1 - March 31, 2010 Key Figures*
|
Billion Korean Won |
% |
||
| Sales Revenue | 124.37 | |||
| EBITDA | 16.56 | 13.3% | ||
| Net Profit After Tax | 6.28 | 5.05% | ||
* Unaudited consolidated Songwon Group figures
Reader enquiries
Songwon Industrial Co., Ltd.
Walzmühlestrasse 48
8500 Frauenfeld
Switzerland
Notes for editors
About Songwon Industrial Co., Ltd.
Songwon Industrial Co., Ltd. is a leading producer of Songnox® Antioxidants, Songlight® Hindered Amine Light Stabilizers, Songsorb® Ultraviolet Light Absorbers, Heat Stabilizers for the plastics industry, as well as plasticizers, lubricants, surface coating agents, polyurethane, alkyl phenols, biphenol, flocculants and other chemicals. The Songwon Group of Companies includes Songwon Industrial Co., Ltd., Songwon International AG, Songwon International – Americas Inc., Shanghai Songwon Brilliant Chemicals Co., Ltd., Songwon International – India, and Songwon Japan KK.
Songnox, Songsorb and Songlight are registered trade marks of Songwon Industrial Co., Ltd.
Editorial enquiries
Dieter Morath
Songwon International AG
Kevin Noels
Marketing Solutions NV