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(LEAD) Kumho Petrochemical Q1 net up 12 pct on one-off gains

All News 16:21 May 08, 2020

(ATTN: UPDATES with company's comments, stock prices; ADDS image)

SEOUL, May 8 (Yonhap) -- Kumho Petrochemical Co., a major South Korean petrochemical company, said Friday that its first-quarter net profit rose 12 percent from a year earlier due to an asset sale.

Kumho Petrochemical posted a net profit of 127.6 billion won (US$104 million) in the January-March period, compared with a net profit of 114 billion won a year earlier, the builder said in a regulatory filing.

The petrochemical company said the sale of an electronic materials business unit boosted the company's bottom line.

(LEAD) Kumho Petrochemical Q1 net up 12 pct on one-off gains - 1

Its operating profit fell 7.2 percent on-year to 133 billion won in the first quarter from 143.5 billion won a year ago. Sales declined 3.6 percent on-year to 1.22 trillion won.

Shares in Kumho Petrochemical fell 1.1 percent to 72,100 won, underperforming the broader KOSPI's 0.89 percent gain.

Kumho Petrochemical manufactures a wide range of products, including synthetic rubbers, synthetic resins and carbon nanotube.

Kumho Petrochemical is a petrochemical unit of Kumho Asiana Group, a South Korean airline-to-petrochemical conglomerate.


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