KPIC Q1 profits fall 71% on high feedstock

15 May 2008 10:18  [Source: ICIS news]

SINGAPORE (ICIS news)--Korea Petrochemicals Ind Co (KPIC) has posted a 70.8% fall in its first-quarter operating profits year on year to won (W)11.19bn ($10.68m) on high raw material prices, the company said on Thursday.

"Despite the rise in total sales, there has been a decrease in profits due to higher raw material prices," the company added in a statement to the Korea Exchange.

Though the company posted a 23.7% increase in its total sales to W414.2bn, its net profit declined 85% to W3.4 bn, it said.

($1 = W1048)

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By: Brian Myung
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