View of Kolon Industries headquarters. (Photo = Kolon Industries)

 

[Alpha Biz= Reporter Kim Jisun] Kolon announced that it recorded a consolidated operating profit of 24.3 billion won in the first quarter of this year, a decrease of 47.6% compared to the same period last year. Although sales for the same period increased by 5.1% to 67.6 billion won, the company posted a net loss of 6.1 billion won.

Kolon attributed the decrease in profitability to the sustained high cost rate and uncertainty in the financial market, despite its major subsidiary companies achieving satisfactory performance and a slight increase in sales.

By business segment, Kolon Mobility Group experienced a significant decline in performance due to a decrease in new car sales influenced by prolonged high interest rates and consumer downturn. However, demand for certified used cars and automobile maintenance services increased.

Currently, Kolon Mobility operates nine premium brands and 109 networks. Kolon plans to continue expanding customer contact points by opening new AS (After Sales) centers in the Seoul metropolitan area in the second quarter.

Kolon Global achieved a robust performance with a 232% increase in orders received to 1.5608 trillion won compared to the same period last year, despite a decrease in profitability due to rising construction costs and financial expenses. More than half, 57.6%, of the orders were in the non-residential sector, such as general construction and plants.

Kolon Industries saw a decrease in sales and operating profit compared to the same period last year due to one-time costs related to the film joint venture and the off-season effect in fashion. However, demand for its flagship product, super fiber aramid, remained steady, and performance improved compared to the previous quarter due to increased demand for petroleum resin products such as phenolic resin and lower export freight rates.

 

 

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