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Doosan Solus Q2 net up ahead of sale

All News 16:42 July 28, 2020

SEOUL, July 28 (Yonhap) -- Cash-squeezed Doosan Group's battery foil maker Doosan Solus Co. saw its second-quarter earnings rise ahead of its stake sale.

Doosan Solus posted 6.1 billion won (US$5.1 billion) in net profit, up 13 percent from 5.4 billion won in the first quarter, with its operating profit coming to 11.5 billion won, up 29 percent during the same period.

Sales rose 6 percent on-year to 75.2 billion won in the April-June period.

Doosan Solus said the rise in second-quarter net income stemmed from the good performance in the high-tech material business unit, which includes battery foil and organic light-emitting diode, or OLED.

This photo shows the logo of Doosan Group in front of the group's building Doosan Tower. (Yonhap)

The company also expected demand for battery foil to rise in the third quarter, as China may make huge investment in 5G-related infrastructure.

Doosan Solus has been expanding the production capacity of its overseas copper foil producer Circuit Foil Luxembourg to 32,000 tons from the current 10,000 tons.

Doosan Solus plans to start commercial production of battery foil at Doosan Corp. Europe, located in Hungary, in the fourth quarter of the year

On July 8, Doosan Corp. signed a preliminary deal with private equity fund SkyLake Investment Co. to sell its stake in its affiliate Doosan Solus in efforts to overcome a liquidity crisis.

The group has been pushing ahead with its plan to sell its assets in return for debts of 3.6 trillion won extended by its creditors and state-run banks -- the Korea Development Bank and the Export-Import Bank of Korea.

Doosan Solus was spun off from Doosan Corp., the parent of Doosan Group, in October 2019.
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