DL posted record quarterly sales and operating profit, driven by strong earnings from its major subsidiaries.
The company disclosed Monday that its consolidated operating profit for the second quarter of this year came in at 256.5 billion won ($179 million), a preliminary figure representing a 256.1% increase from the same period last year.
Sales rose 26.2% year-on-year to 1.67 trillion won. Net profit reached 152.7 billion won, swinging to a profit from a loss in the prior-year period.
Among its key subsidiaries, DL Chemical maintained high profitability in its polybutene (PB) segment while rising polyethylene (PE) product prices helped push its operating profit up 160% from the same quarter last year.
US subsidiary Kraton saw its operating profit grow by more than 100 billion won year-on-year, buoyed by higher sales volumes in its polymer and chemical segments, rising product prices and wider spreads.
DL Energy posted a 74% increase in sales and a 121% rise in operating profit, riding a surge in global power demand. Its power generation assets in Niles and Fairview in the United States contributed to the improved performance.
Hotel subsidiary Glad recorded an operating profit margin of 33.1%, as a rise in foreign tourist arrivals lifted both average room rates and occupancy. Both sales and operating profit hit second-quarter records.
"We achieved record quarterly results on the strength of our petrochemical business competitiveness centered on specialty products and the steady growth of our major subsidiaries," a DL official said. "We will continue to expand our global energy competitiveness, drawing on our experience in energy infrastructure projects."
lucky@heraldcorp.com
