Huvis has posted an operating profit of 9.6 billion KRW and a net income of 9.1 billion KRW in Q1 2021

Specializing in chemical materials, Huvis (CEO Shin, You Dong, 079980) announced on the 14th through its performance disclosure that it has posted sales of 257.2 billion KRW, operating profit of 9.6 billion KRW, and net income of 9.1 billion KRW in Q1 2021. (consolidated)

In consolidated financial statements, sales increased by 14% year on year (Q1 2020), operating profit by 55%, and net income by 153%. Compared to the previous quarter (Q4 2020), sales increased by 8% and operating profit by 26%. However, profit before tax and net income decreased compared to the previous quarter despite the steady performance due to the high non-operating income from the selling of all shares in TSK Corporation at the end of last year.

In Q1 last year, selling prices decreased along with raw material prices amid the COVID-19 pandemic, and with the capacity utilization rate of major exporting countries. However, the economy recovered in the major exporting countries in Q1 this year, resulting in a remarkable sales increase of materials for cars and filters, thereby contributing to increased turnover and earnings. In addition, the improved performance of Sichuan Huvis in China may also have affected the increase in operating profit.

'There are difficulties due to the lack of freight space in major exporting countries, such as the United States and EU, but we plan to maintain market leadership with our signature products that are expected to show a steady growth in demand,' said a Huvis official. 'As Sichuan Huvis has shown continuous performance improvement and with the extended production line for materials for sanitary products since last year beginning production starting Mid-May, we will be able to accelerate our profitability increase.'