Kolon Industries reported on the 8th that its operating profit for the first quarter decreased by 13.48% year-on-year to 26.9 billion won. Revenue increased by 7.78% year-on-year to 1.2316 trillion won. The net profit for the quarter was 19.774 billion won, a decrease of 2.66% compared to the same period last year.
A representative from Kolon Industries said, "Sales in the institutional sector of industrial materials increased and the expansion of market demand in the Chonbang sector boosted revenue, but operating profit decreased due to one-time expenses."
The institutional sector for industrial materials saw an increase in revenue from automotive materials such as car seats, airbags, and tire cords. Subsidiary KOLON ENP also contributed to growth in performance with engineering plastics. The chemical sector recorded solid results due to a boom in the shipbuilding industry. The fashion sector experienced declines in both revenue and operating profit.