Huvis (CEO Shin, You Dong, 079980), specializing in chemical materials, announced on the 13th that it posted sales of 353.3 billion won, operating profit of 10.6 billion won and net profit of 7 billion won for 3Q 2018 (based on consolidated financial statements).
 
Sales slightly increased by 7.1% year on year (3Q 2017), but operating profit and net profit decreased by -3.2% and -25.9% respectively. Compared to 2017, there was a significant increase in 3Q in cumulative sales by as much as 6.8%, operating profit by 78.6%, and net profit by 42.9%. The cumulative operating profit reached 33.6 billion won, which exceeds 29.6 billion won of the operating profit of the previous year.
 
“The prices of TPA, which is the main raw material, increased rapidly compared to the previous term, as well as the prices of MEG. In addition, despite unfavorable conditions at the moment, we still achieved an operating profit equivalent to the previous year,” a Huvis official stated. “Raw material prices are currently being stabilized with the decrease of international oil prices, and we will continue making efforts to recover the margins by increasing sales prices as much as the increased raw material prices.”
 
Huvis has established a joint venture in the US with Indorama Ventures (Thailand) and is currently building a local LMF* manufacturing plant, and is making aggressive investments overseas by also establishing a joint venture with Nantong Yongsheng Fiber Advanced Materials in China to manufacture differentiated filament yarn. (The end)
 
* Huvis is the world’s leading manufacturer of LMF (Low Melting Fiber).