Songwon Industrial Group announced earnings results for the third quarter of 2016. For the quarter, the company net profit stood at KRW 10.4 billion, down 15.4% year on year, on the back of lower selling prices, currency exchange and a maintenance shutdown. Sales stood at KRW 170.6 billion, a decrease of 1.9% compared to the third quarter of 2015. Earnings before interest, taxes, depreciation and amortization also suffered a hit, down 41% year on year to KRW 20.3 billion. The group's consolidated sales and profitability were negatively affected by the strengthening of the KRW against the US dollar and euro.