Samsung Fine Chemicals Q1 net profit down 10% on raw material costs

Chemical News: Samsung Fine Chemicals Q1 net profit down 10% on raw material costs

https://www.chemnet.com Apr 25,2011 Platts
South Korea's Samsung Fine Chemicals said Friday its first-quarter net profit fell 10.1% year-on-year to Won 15.2 billion ($14.1 million) from Won 16.9 billion due to higher raw material costs.

Operating profit was also down 22.7% to Won 12.6 billion in the quarter ended March, compared with Won 16.3 billion a year earlier, under a new method of International Financial Reporting Standards that include all consolidated figures.

But Q1 sales rose 15.8% year-on-year to Won 310.9 billion from Won 268.4 billion.

The stronger won also eroded earnings from exports, the company said in a statement.

Samsung Fine makes caustic soda, raw material for chemicals, and other electro-chemical materials.

Sales of its chlorine and cellulose segment in Q1 increased 10.6% year-on-year to Won 131.9 billion, and sales of its ammonia segment rose 20.8% to Won 157.1 billion. Sales of its electronic chemical materials business gained 9.5% year-on-year to Won 20.7 billion. The company did not provide operating income by segments.

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