KOLON announced on the 15th that it recorded first-quarter sales of 1.4481 trillion won and an operating profit of 39.7 billion won.
According to the Financial Supervisory Service's electronic disclosure system, KOLON's first-quarter sales increased by 4.0% and operating profit rose by 55.3% compared to the same period last year. KOLON explained that this was a result of its major subsidiaries achieving good performance despite the ongoing unstable external environment and consumer slowdown. However, it recorded a net loss of 28.9 billion won due to the reflection of some bad debt provisions from its subsidiary KOLON GLOBAL.
The equity-method subsidiary Kolon Industries is estimated to have recorded first-quarter sales of 1.2316 trillion won and an operating profit of 26.9 billion won. The increase in sales was attributed to growth in the institutional sector related to automotive material parts and the expansion of demand in the chemical sector's front market.
KOLON GLOBAL's sales decreased last year due to the completion of large projects, but operating profit increased due to new construction in the non-residential institutional sector. KOLON's subsidiary Kolon Mobility Group saw improved sales and operating profit, driven by strong sales of premium brands and new car launches.