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[Alpha Biz=(Chicago) Reporter Kim Jisun] Kolon, the holding company of Kolon Group, posted an operating profit of more than 40% in the second quarter of this year compared to the same period last year.
Kolon announced on the 14th that its consolidated operating profit in the second quarter of this year was KRW 43.4 billion, down 46.1% from a year earlier. During the same period, sales rose 8.4 percent to 1.52 trillion won and net profit fell 67.3 percent to 15.6 billion won.
Kolon explained that the solid performance of major subsidiaries increased sales. In the construction sector of Kolon Global, the process of large-scale housing projects (PJT) was brisk, while Kolon Mobility Group continued its growth trend as sales of high value-added vehicles and eco-friendly cars increased.
However, as profits from Kolon Industries's equity method decreased due to weak demand stemming from the global economic slowdown, and as the profitability of the construction sector slowed down due to rising atomic ash prices, operating profit and net profit decreased.
Kolon Industries' manufacturing division, a subsidiary of the equity method, performed well on the increase in demand for electric vehicles and 5G (5G) telecommunication by Superfiber Aramid. Aramid is also expected to complete the double-up of its Gumi plant in the second half of this year. The fashion sector saw its performance improve compared to the previous quarter due to the launch of outdoor strategic products that analyzed customer needs. In the second half of the year, the company plans to strengthen its portfolio by launching three brands.
Kolon Global predicted that it will achieve the largest-ever order performance (2.3 trillion won) in the non-housing sector this year as it pushes for a strategy to expand its portfolio to cope with the housing market downturn. Kolon Mobility Group (450140) will continue its growth based on securing national networks and new brands and open a new network in Gangwon and Gangnam areas in the third quarter.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
