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Songwon Industrial Group announces Financial Results for Q3/2014

11-14-2014 07:01 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Songwon Industrial Co., Ltd.

/ PR Agency: Marketing Solutions
• Sales in Q3 totaled 164,868 Mil. KRW
• Gross profit amounted to 25,944 Mil. KRW
• The gross profit margin for Q3 increased 1.9% points compared to Q2/2014 (13.8%)

Ulsan, Korea - November 14, 2014 - Songwon Industrial Group (www.songwon.com) today announced its audited financial results for Q3. The Group achieved sales of 164,868 Mil. KRW.
When compared to sales in Q3/2013 (Mil. KRW 175,800), revenue declined by 6.2%.

Strong price competition together with a slow start to the year resulted in lower revenues for the polymer stabilizers business compared to the previous year.

In the area of polymer stabilizers, there continues to be an oversupply of standard AOs in the market resulting from a general weak demand along the value chain.

In Q3 Songwon saw strong recovery in profitability after resolving the production issues that occurred at the beginning of the year.

The gross profit margin increased by 1.9% to 15.7% points compared to Q2/2014 (13.8%).

Economic performance continued modestly over Q3/2013 and going into Q4/2014, the economic outlook is stable. Despite the challenging economic environment, Songwon is well-positioned to reliably deliver the high quality products and services our customers have come to expect.
The Q3 Report can be downloaded at: www.songwon.com/en/investors/financialresults.

About Songwon Industrial Co., Ltd.
Songwon Industrial Co., Ltd. is the 2nd largest manufacturer of polymer stabilizers in the world with an almost 50 year history of breakthrough solutions. A leader in the development and production of additives and specialty chemicals, Songwon provides added-value products and innovative solutions to the plastics industry.

The company’s extensive product portfolio includes polymer stabilizers, alkylphenols and alkylcresols, PVC stabilizers, plasticizers, tin intermediates, polyurethanes, SAP and flocculants.

With headquarters in Ulsan, Korea, the Songwon Industrial Group comprises 17 companies including 2 joint ventures and 1 representative office, located in 9 different countries on 3 continents. The company has 7 manufacturing facilities, 3 of which are located in Korea, Germany, China, USA, India as well as a manufacturing JV plant in China. Songwon also has a worldwide network sales and customer service offices, logistics hubs and stocking distributors.

Marketing Solutions
Stephanie Wakkee
Box 6
2950
Kapellen
Belgium
0031164317012

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