Huvis (CEO / Yoo, Bea Keun), a world leader in advanced chemical materials, announced through its disclosure of potential results on the 16th that it is expected to achieve sales of KRW 240.9 billion, operating profit of KRW 7.1 billion, and current net income of KRW 7.8 billion in 2015 Q1 (on a non-consolidated basis).
 
While sales at Huvis showed a 7% decrease from the previous quarter (2014 Q4), its operating profit increased by 205%, with pre-tax profit and current net income both turning to surplus at KRW 11.5 billion and KRW 9.5 billion, respectively.
 
Year-on-year (2014 Q1), sales and operating profit decreased by 19% and 29% respectively, while rises of pre-tax profit and current net income of 10% and 8%, respectively.
 
“Operating profit in 2014 Q4 decreased due to one-time charges which totaled approximately KRW 9 billion, with increased labor costs stemming from the ordinary wage system of regular bonus and reflecting the results of a tax investigation,” said a Huvis official. “By resolving these issues, profits have been able to increase significantly compared to the previous quarter.
 
The official explained, “Our operating profit decreased year-on-year due to the one-time charge of KRW 4 billion and the increase in power costs attributable to the repair work on the obsolete boiler at the Jeonju factory in Q1. However, pre-tax profit and current net income both increased due to the KRW 4.2 billion in the dividend income of HuvisWater, which was acquired at the end of last year.” The company will additionally disclose consolidated results after next week, when the consolidated financial statement for Q1 will be visualized.