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People & Business :: Earnings/Finance

Songwon reports huge rise in quarterly profits

4:25 AM MDT | May 23, 2013 | Deepti Ramesh

Songwon Industrial (Ulsan, South Korea) reports a more than 7-fold increase in net profits for the first quarter compared with the corresponding period of the previous year, to 7.72 billion South Korean won ($6.85 million). First-quarter sales decreased 0.2%, to won174.3 billion. “Sales of polymer stabilizers remain the backbone of the results for this quarter and most regions have shown a slight increase in volumes,” says Hans-Peter Wüest, CFO of Songwon. “The sales result reflects the pressure that has been put on price[s] and a...

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