Go to Contents Go to Navigation

(LEAD) SKC Q1 net profit nearly triples on one-off gains

All News 17:35 May 08, 2020

(ATTN: UPDATES with company's comments, stock price; ADDS photo)

SEOUL, May 8 (Yonhap) -- SKC Co., a South Korean maker of chemicals and film products, said Friday that its net profit nearly tripled in the first quarter from a year earlier due to a stake sale.

For the January-March period, SKC posted a net profit of 86.1 billion won (US$70.5 million), a sharp increase from a profit of 23 billion a year earlier.

SKC said the sale of its stake in SKC Kolon PI Inc., a maker of polyimide film used in displays, semiconductors and electric vehicles, boosted the company's bottom line.

In February, a special purpose company set up by Glenwood PE, a local private equity fund, bought SKC Kolon PI -- a joint venture between SKC and Kolon Industries.

Operating profit fell 24.3 percent on-year to 27.4 billion won, but sales rose 9.5 percent to 661 billion won in the first quarter.

Shares in SKC rose 1 percent to 50,600 won, roughly in line with the broader KOSPI's 0.89 percent gain.

This photo shows the corporate logo of SKC Co. at its main office in Seoul. (Yonhap)


(END)

Keywords
HOME TOP
Send Feedback
How can we improve?
Thanks for your feedback!