Huvis (CEO Shin You-dong, 079980), specializing in chemical and fiber materials, announced on the 14th of this month that in the third quarter of 2023, it posted revenue of 236.7 billion won, operating loss of 12.4 billion won, and net loss of 13.2 billion won, and cumulative revenue of 693.8 billion won, cumulative operating loss of 46.5 billion won, and cumulative net loss of 47.3 billion won (Based on consolidated financial statements).

Year-on-year (over Q3 2022) revenue declined by 4%, but operating profit and net profit increased by 40.9% and 38.2% respectively. Compared to the preceding quarter (Q2 2023), revenue increased by 3.4%, operating profit and net profit declined by 3.3% and 8.1% respectively. As to the outcomes, Huvis analyzed that the uncertainty in the global economy and international situations led to unstable raw material prices and continued weak demand and oversupply, preventing its performance from significantly improving. With overall demand increasing, primarily in the United States and the global automotive market recovering, however, exports of high-value products are showing an upward trend.

“In line with the megatrend towards uni-materials in the automotive market, we are spurring the development of polyester (PET) to replace polypropylene (PP) and polyurethane (PU),” Huvis said. “We are continuing to optimize our operations and improve our portfolio of differentiated products to increase profitability even in the challenging business environment with continued global economic uncertainty.” 

In response to the revision of the EU's End of Life Vehicle (ELV) Directive, Huvis has successfully developed the Chemical Recycle Low Melting Fiber (CR-LMF) this year and plans to open a 4,000-ton depolymerization facility this year and expand its capacity to 16,000 tons next year.