Press release
Songwon Industrial Group announces Financial Results for Q1/2015
Songwon Industrial Group announces Financial Results for Q1/2015
• Gross profit amounted to 24’971 Mil. KRW
• The gross profit margin is at 15.9%
Ulsan, Korea – May 15, 2015 – Songwon Industrial Group (www.songwon.com) today announced its financial results for Q1. The Group achieved sales of 157’045 Mil. KRW and a gross profit margin of 15.9% - an increase of 3.4% compared to the Q1/2014.
Songwon started well into the year 2015, following a difficult 2014 (particularly Q1/2014) and despite challenging market conditions.
Global currency issues combined with sales price pressure resulting from continuously decreasing raw material costs, customers purchasing with shorter lead times and events such as the West Coast shut downs in the U.S. have all contributed to a slight decrease in consolidated sales.
However, Songwon’s production sites ran steadily without any disruptions during Q1/2015 which led to a significantly improved gross profit margin of 15.9%.
Despite the ongoing uncertainty relating to foreign exchange rates, political instabilities and unpredictable regional economic developments, we expect to see a positive increase in demand in the coming months from customers who previously postponed orders to profit from the decreased raw material prices.
The Q1 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
Kevin Noels
P.O. Box 58
4600 AB Bergen op Zoom
The Netherlands
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