Songwon: Positive Performance for Q2 2010
Songwon Group, a leading global supplier of additives and other chemicals to the plastic industry, announces sales revenues of KRW 139.66 billion and a net profit of KRW 7.03 billion for the second quarter of 2010. Compared to the first quarter 2010, sales were up 12%, driven again by a significant increase of sales volumes and positive mix (+8%) plus a positive price development (+4%). The net profit was also up by 12%, in spite of a significant increase in raw material costs, which were only partially offset by the positive price development.
Songwon announced an LOI to acquire a share in one of the major Chinese Thioesters manufacturers as part of its Chinese and global strategy.
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