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• Q3 sales totaled KRW208.
388 billion
88208.
388 BillionKRW208.
388 Billion KRW__
• Net profit totaled KRW7.
302 billion
3027.
302 billion KRW 7.
302 billion KRW_
• Gross profit margin of19.
7%
7%19.
7%
Ulsan , South Korea – November 14, 2019 – SONGWON Industrial Group () today released its financial results for the third quarter of 2019.
In the third quarter of 2019, group sales reached KRW 208,388 million, an increase of 1.
9% from the same period last year (KRW 204,403 million).
However, the Group reported that gross profit margin fell to 19.
7% in the third quarter.
Compared with the consolidated sales as of September 2018 (592.
716 billion won), as of September 2019, SONGWON's consolidated sales (617.
272 billion won) increased by 4.
1%, but its net profit decreased by 12% (28.
905 billion won).
Korea Korea Korea Ulsan Country Ulsan Country Ulsan – 2019–2019 Nov 11 Nov Jan 4 Jan 4 Sun Sun – – face="MS Mincho"> face="">
Despite the uncertainties in the global market, the group reported that overall demand remained at a good level, in line with the organization's expectations
.
The stalemate in the U.
S.
-China trade war has forced Chinese rivals to aggressively seek new markets to compensate for lower domestic demand, while reducing exports to North America, leading to a drop in demand across the Asian region
.
During the third quarter of 2019, the supply of raw materials remained sufficient, and SONGWON's production facilities were operating smoothly with high capacity utilization, sufficient to meet customer demand
.
Heading towards the end of the year, with the start of year-end destocking activities of customers, as well as the continued looming over the US trade war with China, Brexit and other political and economic uncertainties, the global market environment will be difficult, and the Group expects the global economy to enter as usual.
slowdown period
.
About Songyuan Industrial Group :
About SongyuanAbout SongyuanAbout Songyuan Industrial Industry Group Group : : :_Founded in 1965 and headquartered in Ulsan, South Korea, Songwon is a leader in the development, production and supply of specialty chemicals
.
