Specializing in chemical and fiber materials, Huvis (CEO Kim, Suk Hyun, 079980) announced its consolidated financial results for the first quarter of 2024 on the 16th. The company reported revenue of KRW 224.1 billion, an operating loss of KRW 7.2 billion, and a net loss of KRW 12.5 billion.

Compared to the same period last year (Q1 2023), consolidated revenue slightly decreased by 1.8%, but operating profit and net profit improved significantly by 67.4% and 42.7%, respectively. Additionally, compared to the previous quarter (Q4 2023), revenue decreased by 4.2%, but operating profit and net profit showed substantial improvements of 71.2% and 79.4%, respectively, indicating a turnaround from prolonged performance stagnation.

Despite the incomplete recovery from the global economic downturn, the company cited the recovery in sales in its key European market, robust demand growth in the US market, and the stabilization of oil and energy prices amid international conflicts as critical factors contributing to its performance recovery.

A representative from Huvis stated, “Our proactive pricing strategies, sales focus on high-value-added products, and ongoing operational efficiency measures were crucial in improving profitability. While uncertainties such as soaring maritime freight rates persist, we will continue to enhance our performance by expanding our automotive and eco-friendly materials and maximizing sales of cooling fibers, which are experiencing a surge in demand.”