openPR Logo
Press release

SONGWON Industrial Group announces Financial Results for Q2/2018

08-20-2018 09:55 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Songwon Industrial Co., Ltd.

/ PR Agency: Marketing Solutions
• Sales increased by 5.9% over Q2/2017 to 197,841 Mil. KRW
• The gross profit margin is at 18.1% (after K-IFRS 1115 applied)
• Net profit amounted to 8,179 Mil. KRW

Ulsan, South Korea – August 15, 2018 – SONGWON Industrial Group (www.songwon.com) today released its financial results for the second quarter of 2018. The Group achieved consolidated sales of 197,841 Mil. KRW and a gross profit margin of 18.1% (without impact from application of K-IFRS 1115: 19.4%) for Q2/2018 – marking a decrease of 5.5%pts (without impact from application of K-IFRS 1115: 4.2%pts) compared to Q2/2017. In the two quarters of the year, the Group realized consolidated sales of 388,313 Mil. KRW which is a 7.4% increase over the first six months of 2017 (361,707 Mil. KRW).

During the first half year 2018, SONGWON’s business delivered according to expectations. Demand was solid across the portfolio in line with the historically strong first and second quarters in previous years. SONGWON’s Polymer Stabilizers (PS) performed particularly well, delivering a 2.6% increase in gross sales (256,758 Mil. KRW) compared to the first half year in the previous year (250,208 Mil. KRW). Although the Group’s expectations were met throughout Q2 and YTD in terms of sales and revenues, volume lay slightly behind due to the scheduled production shutdowns during the quarter combined with shortages of certain specific raw materials.

Higher raw material costs and the negative influence of foreign currency fluctuations already experienced in 2017 and continuing in 2018 impacted all of SONGWON’s businesses in the second quarter of 2018. As a result, overall profitability in Q2/2018 was subsequently slightly lower than in Q2/2017 and from a revenues perspective, SONGWON’s sound result in Q2/2018 was driven by the price increases implemented globally in Q4/2017 across the portfolio. In the currently favorable market environment, these increased prices are now successfully offsetting the elevated key raw material prices. An optimal cost position for the organization was supported in Q2/2018 by SONGWON’s production sites which, in general, operated at high capacity utilization levels throughout the quarter.

Heading into the third quarter of the year, SONGWON is optimistic that the trend established in the second quarter of 2018 will continue with an increase in demand for its products and ongoing growth. With its comprehensive portfolio of high-quality solutions and highly strategic position in South East Asia, the Group is uniquely positioned to take advantage of the expanding opportunities throughout Asia. Recognizing potential risks as a global player, SONGWON will remain cautious but continue to expand its global reach, and improve its financial performance by focusing on markets that offer attractive growth opportunities. The organization will also further leverage its innovation expertise to continue reliably providing the solutions its customers demand and value for.

The Q2/2018 Report can be downloaded at:
www.songwon.com/investors/reports-publications

About SONGWON Industrial Co., Ltd.
SONGWON, which was founded in 1965 and is headquartered in Ulsan, South Korea, is a leader in the development, production and supply of specialty chemicals. The second largest manufacturer of polymer stabilizers worldwide, SONGWON Industrial Group operates companies all over the world, offering the combined benefits of a global framework and readily accessible local organizations. Dedicated experts work closely together with customers to develop tailor-made solutions that meet individual requirements.

For further information, please go to: www.songwon.com.

Marketing Solutions
Kevin Noels
Box 6
2950
Kapellen
Belgium
003233130311

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release SONGWON Industrial Group announces Financial Results for Q2/2018 here

News-ID: 1181004 • Views: 208

More Releases from Songwon Industrial Co., Ltd.

SONGWON invests in capacity expansion for semiconductor chemicals production
Ulsan, South Korea – November 19, 2021 – Today, Songwon Industrial Co., Ltd. announced that it is investing in expanding its chemical production capacity for semiconductors. As the 4th Industrial Revolution progresses, demand for semiconductors is rising rapidly and with it, customer demand for high-end specialty chemicals and raw materials for IT industries (incl. semiconductors) as well as display materials is growing significantly. SONGWON’s capacity increase investment in the main chemicals
SONGWON enters two new distribution agreements with Bodo Moller Chemie
Ulsan, South Korea - May 19, 2020 - SONGWON Industrial Co., Ltd. announced today that it has signed two exclusive distribution agreements for the distribution of its comprehensive range of polymer stabilizers: Bodo Moller Chemie Benelux N.V. has been supplying customers in Belgium, Luxemburg and the Netherlands since January 1, 2020, and Bodo Moller Chemie UK Ltd took on responsibility in the United Kingdom and Ireland on May 1. Based in
SONGWON deeply saddened by unexpected death of CEO Maurizio Butti
Ulsan, South Korea – September 10, 2019 – The Board of Directors of SONGWON Industrial Group announced today, with deep sadness, the unexpected death of the company’s CEO, Maurizio Butti on Saturday, September 7th, 2019. Commenting, Jongho Park, Chairman of the Board said: “The entire SONGWON family mourns the sudden loss of our CEO. With the organization since 2006, Maurizio was an inspiring leader, managing the company with humor, integrity and
SONGWON announces new appointments in key leadership positions
Ulsan, South Korea – April 02, 2019 – SONGWON Industrial Co., Ltd. today announced leadership changes which enhance and expand the Company’s management team and optimally position the organization for continued value creation. Elena Scaltritti assumes the position as Division Leader of Industrial Chemicals for SONGWON which includes the Polymer Stabilizers and Fuel and Lubes businesses. She has also been appointed a member of the Executive Committee. Gerard Mulqueen will

All 5 Releases


More Releases for Mil

RuggON Rextorm PX501 is now certified to MIL-STD-461G
Taipei, Taiwan, Jan 6, 2021– RuggON Corporation, a reliable rugged solution provider, has updated its tablet to be MIL-STD-461G certified. The 461G military standard testing checks radiated emission, susceptibility, and also electromagnetic compatibility, which is important for military communications and further making emergency defense missions safe and efficient in any demanding environment. Outstanding RF integration Ensuring seamless connectivity through 4G LTE, Bluetooth V4.2, Wi-Fi 802.11ac, GNSS,
Prosiect Pum Mil - PrimaPorcelain Paving Featured on S4C Show
PrimaPorcelain, a Cardiff-based supplier of indoor and outdoor tiles, recently donated 40 square metres (approx.) of porcelain paving to help Ysgol Glantaf transform their outdoor learning facility. This project was featured on S4C programme 'Prosiect Pum Mil' (broadcast Sunday 29 November). During the show, presenter Trystan Ellis-Morris visited the PrimaPorcelain showroom on Hadfield Road in Cardiff, where Sales Director Sharif Karim told him that the company was willing to offer
PEI Genesis - MIL Qualified Connectors
High performance,high contact density miniature circular connectors are designed according to MIL. MIL Qualified Connectors/PEI Genesis permitted by military. Jost’s Engineering Company Limited Plot No. – 3, S. No. – 126,Paud Road, Pune – 411038 T: +91-20– 2543 4565 / 2543 4390 F: +91-20– 2543 4393 E: sales@josts.in Incorporated in the year 1907, Jost’s Engineering Company Limited is engaged in the manufacturing of material handling equipment (MHD) and is the provider of the wide range of
Mil-Spec Circular Connectors Market: Competitive Dynamics & Global Outlook 2025
Market Research Report Store offers a latest published report on Mil-Spec Circular Connectors Market Analysis and Forecast 2019-2025 delivering key insights and providing a competitive advantage to clients through a detailed report. The global Mil-Spec Circular Connectors market is valued at xx million US$ in 2018 is expected to reach xx million US$ by the end of 2025, growing at a CAGR of xx% during 2019-2025. Click to view the full report
Mil-Spec Circular Connectors Market: Competitive Dynamics & Global Outlook 2024
LP INFORMATION offers a latest published report on Mil-Spec Circular Connectors Market Analysis and Forecast 2019-2025 delivering key insights and providing a competitive advantage to clients through a detailed report. According to this study, over the next five years the Mil-Spec Circular Connectors market will register a xx% CAGR in terms of revenue, the global market size will reach US$ xx million by 2024, from US$ xx million in 2019.
Barrier Films Market Report 2018: Segmentation by Type (Low Barrier (1000-100 cc …
Global Barrier Films market research report provides company profile for Mondi Plc, Huhtamaki Oyj, Winpak Ltd., Atlantis Pak Co. Ltd., Glenroy, Inc., Plastissimo Film Co., Ltd., DuPont Teijin, Amcor Limited, Bemis Company, Inc., Uflex Ltd., Sealed Air Corporation and Others. This market study includes data about consumer perspective, comprehensive analysis, statistics, market share, company performances (Stocks), historical analysis 2012 to 2017, market forecast 2018 to 2025 in terms of volume,