Huvis (CEO Shin, You Dong), specializing in chemical and fiber materials, announced on the 15th that it had recorded sales of 228.1 billion, operating loss of 22.2 billion, and net loss of 21.9 billion in the first quarter of 2023, on the publication of corporate performances. (Based on consolidated financial statements.)

Based on consolidated financial statements, sales revenue decreased by 19%, compared to the same period of the previous year (the first quarter of 2022), and operating profit and net profit decreased by 75.7% and 117.1%, respectively. However, compared to the previous quarter (the fourth quarter of 2022), sales improved by 2.1% while operating profit and net profit improved by 36.4% and 40.4% respectively, showing a performance recovery after hitting the bottom in the fourth quarter of last year.

In 2022, performances worsened due to a combination of unfavorable factors, such as supply chain instability, inflation, and global demand stagnation. However, as the oil price and energy supply have stabilized and inflation has slowed this year, demand has been recovering mainly in developed countries, such as Europe and the Americas. Also, there is an expectation for the effect China's reopening will have as the country has lifted its COVID-19 blockade.

A Huvis representative said, “The demand in the automotive market is recovering, and the demand for high-performance polyester materials is expected to increase in accordance with the trend of vehicles being more lightweight and eco-friendly, which is the market's biggest agenda.” He further said, “We will differentiate LMF (Low Melting Fiber), our mainstay material for vehicles, expand the materials lineup for electric vehicles with meta-aramid electric insulation paper, and increase sales of cool-feeling fiber. By doing so, we will do our best to improve our profitability.”


[Summary Consolidated Profit and Loss Statement]                                      [Unit: million won]