HUVIS : Reports Consolidated Sales of KRW 281.6B and an Operating Deficit of KRW12.6B in Q1 of 2022

Huvis (CEO Shin, You Dong, 079980), specializing in chemical and fiber materials, announced its performance for the first quarter of the year: revenues of KRW 281.6 billion, operating loss of KRW 12.6 billion, and net income loss of KRW 10.1 billion (as stated in the company's consolidated financial statement).
According to the consolidated financial statements, Huvis' revenue increased by 9.5 percent compared to the same period of last year, but its operating income and net income are deficits. Major contributors include the soaring prices of raw materials, including oil, resulting from the prolonged Ukraine crisis and lockdown in China, slow demand for the company's products due to staggering growth in the largest markets including EU, North America and China, and the global supply chain bottleneck.
"There was not enough time for us to address the rising costs ignited by worsening business environment," says a source of the company. "The priority for us is to bring the profitability of our core businesses back to normal, and efforts to make it happen include the continued increase of our sales prices together with greater sales of our pro-environmental and highly functional materials including bio-degradable and cool-feeling fibers." He also adds, "Other focus areas include making our business portfolio more focused on materials for electric vehicles, pro-environmental applications, and identifying new sources of growth."

[Short Form Consolidated Income Statement]
[In million won]