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Regions :: North Asia :: Korea

Songwon swings to loss

7:36 AM MDT | May 14, 2014 | Deepti Ramesh

Songwon Industrial (Ulsan, South Korea) has announced its preliminary, unaudited financial results for the first quarter, ended 31 March. Songwon reports a net loss of 4.88 billion South Korean won ($4.7 million) compared with a net profit of won7.72 billion in the year-ago quarter mainly because of lower overall sales volumes and lower selling prices, driven by competitive pressure in the polymer stabilizer business and higher raw material prices. Songwon’s first-quarter sales decreased 6.5%, to won162.9 billion. The discontinuation of certain alkyl...

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