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Industry News | Time: Aug 14 2017 10:19AM
Kolon Industries posts US$47.37 million in operating profit
 
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Kolon Industries Inc., the chemical and fashion unit of Kolon Group, announced on August 10 that it posted 1.12 trillion won (US$983.98 million) in sales and 54.1 billion won (US$47.37 million) in operating profit in the second quarter of 2017.

Its second-quarter sales slightly decreased from the previous quarter but its operating profit over the same period increased due to the overall improvement in performance.

Kolon Industries said its main products such as tire cords, airbags and petroleum resins have continuously put up a good show and it will also make every effort to improve performance by expanding sales in the third quarter.

The company will start making a 30 billion won (US$26.27 million) investment in expanding facilities that produce special epoxy resin for electronics materials and phenolic resin for hardeners in the third quarter. With the expansion, its production capacity of special epoxy resin will increase from 25,000 tons to 37,000 tons, while that of phenolic resin will rise from 7,000 tons to 12,000 tons, boosting annual sales by 60 billion won (US$52.45 million).

Kolon Industries will also successfully make an investment in the tire cord sector in Southeast Asia, expand the airbag market to the Americas and Southeast Asia, expand spun bond production facilities and mass produce colorless polyimide films so that the company can promote them as a medium to long-term growth engine.

Source: Bisiness Korea
[RISK DISCLAIMER] All opinions, news, analysis, prices or other information contained on this report is provided by analyst of Zhejiang Huarui Information Consulting Co., Ltd (CCFGroup) as general market commentary and does not constitute investment advice. CCFGroup will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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