South Korea's Songwon Industry Group's sales and profits both fell

According to the first-quarter financial report released by Korea Songwon Industry Group, the company's sales and net profit both fell compared with the same period last year, down 21.1% and 75.5% respectively.

The financial report pointed out that in 2022, Songwon achieved good financial performance, but due to the expected further decline in demand, the income achieved in 2023 will slowly decline. In the first quarter, both the Chemical Ingredients and Performance Chemicals segments were impacted by ongoing geopolitical tensions, deteriorating economic conditions and inflationary pressures. As a result, the sales of the chemical raw material sector in the first three months were 195.947 billion won, down 21.3% from 248.865 billion won in the first quarter of 2022. Similarly, consolidated sales of the Performance Chemicals division was 71.220 billion won, down 20.5 percent from 89.568 billion won in the same period last year.