Ulsan, South Korea – Chemical additives and polyurethane producer Songwon Industrial Co reported a drop in sales of 6.6% during Q1 2014 to Won 162bn ($157m) from Won 174bn during the first quarter of 2014.
Songwon's EBITDA (earnings before interest, taxation and depreciation) for the first quarter dropped 59.6% from Won 26.2bn in Q1 2013 to Won 10.6bn in Q1 2013.
The company said its polyurethanes sales volumes increased 4.3% in Q1 2014 to 134 tonne and sales grew by Won 1bn in the quarter to Won 11bn compared to Won 10bn in Q1 2013. Within the polyurethanes segment the company reported sales increases across TPU (up 13.3%) to 92 tonne and adhesives/ink markets (up 1.7%) to 40 tonne.
The company produces materials for synthetic leather, adhesives and ink binders, catalysts - hardeners and accelerators for adhesive systems, surface coating agents and thermoplastic polyurethanes.
XE Currency conversion: 15 May, 2014