S. Korea’s Kumho Petrochemicals sees net profit slump for Q4
by ChemOrbis Editorial Team - content@chemorbis.com
According to local media sources, South Korea’s Kumho Petrochemicals has announced its financial results for the fourth quarter of 2023. Accordingly, the company’s net income slumped by 44.7% on a yearly basis.
Kumho’s net profit for the fourth quarter of 2023 was 82.5 billion won ($61.8 million), down from the 149.1 billion won ($111.5 million) announced last year. The company’s operating profit for Q4 was 36.7 billion won ($27.4 million), steeply down by 67.8% year-over-year.
Meanwhile, the company’s net profit for the full year 2023 was 436.2 billion won ($326.2 million), sharply down by 57.2% from a year ago.
The notable decline in financial results was attributed to weakening global demand for petrochemical products.
Kumho’s net profit for the fourth quarter of 2023 was 82.5 billion won ($61.8 million), down from the 149.1 billion won ($111.5 million) announced last year. The company’s operating profit for Q4 was 36.7 billion won ($27.4 million), steeply down by 67.8% year-over-year.
Meanwhile, the company’s net profit for the full year 2023 was 436.2 billion won ($326.2 million), sharply down by 57.2% from a year ago.
The notable decline in financial results was attributed to weakening global demand for petrochemical products.
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