Frauenfeld, Switzerland - Songwon Industrial Co. Ltd., which makes a range of polyurethane reported a 10.5% increase in gross profit in the first quarter of 2013 compared to the same period in 2012.
The company saw sales of Won 174 bn ($157m) unchanged from the same period in 2012. Songwon's earnings before interest and taxation grew 10.7% to Won 18.6bn.
Songwon makes materials for synthetic leather, adhesives and ink binders, catalysts - hardeners and accelerators for adhesive systems surface coating agents and thermoplastic polyurethanes.
The company said sales in polyurethanes were steady at Won 10.7bn compared with Won 11.4bn in the same quarter 2012.
$1= Won1112.36 at 31 March.