South Korea's Songwon Industrial swings to Q2 net loss; sales flat

14 August 2014 11:22 Source:ICIS News

SINGAPORE (ICIS)--Songwon Industrial Group slumped to a net loss of Korean won (W) 6.71bn ($5.99m) in the second quarter of this year from a net profit of W518m in the same period a year earlier, weighed by higher production costs and reduced output, the South Korean producer said on Thursday.

Its sales were largely flat at W172.9bn in April-June this year, with operating profit shrinking 85.1% to W1.55bn, the company said in a statement.

For the first six months of this year, the company incurred a net loss of W11.6bn, reversing a net profit of W8.24bn in the same period last year.

Sales fell 3.3% year on year to W335.8bn in January-June 2014.

($1 = W1,030)

By Nurluqman Suratman