S Korea's Songwon Q4 net profit rose by 59.7% on strong sales

07 March 2014 03:08  [Source: ICIS news]

SINGAPORE (ICIS)--South Korea-based plastics stabilizers producer Songwon said on Friday its net profit rose by 59.7% year on year to won (W) 6.38bn ($6m) in the fourth quarter, driven partly by strong sales growth at its core business.

The company’s sales rose by 11.5% year on year to W168.1bn in October-December last year, while earnings before interest and taxes (EBIT) surged by 96.9% to W11.1bn, the company said in a statement.

“Our core business polymer stabilizers provided the engine for growth in 2013 with revenues up 12.5% over 2012,” said the firm’s chief financial officer Hans-Peter Wuest.

For the full year of 2013, the company’s net profit was up by 12.1% year on year at W22.9bn, with sales rising by 1.8% to W692.1bn, it said.

($1 = W1,064)


By: Nurluqman Suratman



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