Specializing in chemical materials, Huvis (CEO Shin, You Dong, 079980) announced in its disclosure on the 14th that it had recorded sales of 247.2 billion won, an operating loss of 20.9 billion won, and a net loss of 21.4 billion won for the third quarter of 2022. Based on the consolidated statement, the company’s sales dropped 14% from one year earlier (3Q21), and its operating profit and net profit also failed in avoiding heavy deficits.
 
It is estimated that the deficits are primarily attributed to the delayed recovery of the industry and deterioration in profitability as a result of the global economic depression and the low demand in the front industry. The company says that a mixture of several unfavorable factors, including the strong dollar, the plunge in the rate of operation of European manufacturers, and an oversupply from Chinese competitors, as well as the skyrocketing prices of commodity including energy, are all putting a damper on its efforts to recover earnings.
 
“We expect this challenging situation will continue in the fourth quarter due to prolonged business uncertainties, but we will try to recover from this crisis by reinforcing our company-wide emergency management system, reducing costs and securing liquidity, and focusing on sales of high value products,” said a source from Huvis. “We will also continue to reinforce our portfolio with a focus on EV and eco-friendly materials, which are currently global mega trends.”

[Summarized Consolidated Income Statement]                                           [Units: KRW Million]