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* Songwon Group achieves a net profit of 9.5 Billion KRW, despite the
continuing difficult market conditions and the volatile economic situation.
* Songwon’s strategy implementation is on track and continues successfully.
* Service, cost competitiveness, product range extension and safety remain
priorities.
Key Figures* Billion %
Six Months ending June 30, 2009 Korean Won
Sales Revenue 198.78
EBITDA 20.46 10.30%
Net Profit After Tax 9.5 4.80%
* Unaudited consolidated Songwon Group figures
Songwon Group, a leading global supplier of additives and other chemicals
to the plastic industry, announces a net profit of KRW 9.5 Billion for the
first half of 2009. This represents a significant improvement vs. 2008 and
has been achieved despite weak market conditions.
“We are very pleased with these results, and this is a clear indication
that the strategic decisions taken 3 years ago have been effective and that
the market and our customers understood and appreciated our approach,”
comments Chairman Jongho Park. He adds: “We continue to grow and are
achieving our strategic goals even ahead of time, despite the ongoing
financial crisis and volatility of the markets around the globe which is
affecting real demand and is impacting the key industry segments we are
serving. This performance is the result of our seamless efforts and focus
on the key components of our strategy.”
Songwon is committed to:
- reduce production costs through process improvements, economy of scale
and back-integration; the last step of these actions has been the
successful start up of the isobutylene production at the Maeam plant, which
is the first commercial application of Songwon’s new and patented technology.
- focus on innovation and introduction of new products with the aim to
fulfill all customer needs
- develop geographical coverage and service level: which means not only to
anticipate customers’ quality and logistic requirements, but also to
provide best in class documentation and regulatory support. In particular
Songwon is at the forefront of the Reach implementation.
- Last but not least Songwon continues to put emphasis on the environmental
and safety across all of its business and continues to invest in order to
improve its performance, which already exceeds industry standards.
Mr. Park concludes: “The achievement of these results is a boost to our
determination to strive for excellence in our business. Our goal for the
second half of 2009 is to maintain our strategy and continue our focus in
order to meet the uncertainties of the market and challenges still to come.”
About Songwon Industrial Co., Ltd.
Songwon Industrial Co., Ltd. is a leading producer of Songnox®
Antioxidants, Songlight® Hindered Amine Light Stabilizers, Songsorb®
Ultraviolet Light Absorbers, Heat Stabilizers for the plastics industry, as
well as plasticizers, lubricants, surface coating agents, polyurethane,
alkyl phenols, biphenol, flocculants and other chemicals. The Songwon Group
of Companies includes Songwon Industrial Co., Ltd., Songwon International
AG, Songwon International – Americas Inc., Shanghai Songwon Brilliant
Chemicals Co., Ltd., Songwon International – India, and Songwon Japan KK.
Songnox, Songsorb and Songlight are registered trade marks of Songwon
Industrial Co., Ltd.
This press release can be downloaded from www.PressReleaseFinder.com
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