Songwon Industrial Group Announces Earnings Results for the Third Quarter of 2016
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.