Huvis : posts 278B won in 2021 Q3 consolidated sales revenue and 2.5B won in operating loss

On the 15th, Huvis (CEO Shin, You Dong, 079980), specializing in chemical materials, announced in a corporate disclosure that the compnay had posted 278 billon won in 2021 Q3 sales revenue, 2.5 bilion won in operating income, and 3.3 billion won in current net loss, with cumulative sales revenue reaching 799.3 billon won, operating income 17.2 billion won and current net profit 13.2 billion won in Q3 (as reported in consolidated financial statements).
In terms of consolidated financial statements, sales revenue jumped 7.5% from the same period last year (2020 Q3) and 5.3% from the previous quarter (2021 Q2) while operating income and current net income both turned into the red, respectively. As the global economy rebounded, demand for key Huvis' products increased, but global logistics disruptions that have persisted for some time compromised export shipping efficiency and logistics costs also rose significantly. Furthermore, it took time to catch up with the rise in raw material costs following the surge in international petroleum prices, which temporarily aggravated spread and thereby made a dent in the profitability of the current quarter.
An official at Huvis said, "Unusual logistics disruption and oil price rises seem to be improving after having passed their worst peaks, and a robust increase in demand and the recovery of sales margin are expected to result in better performance figures in Q4. We will continue to restore profitability by further bolstering up our eco-friendly material business and differentiating our work with a focus on value-added products." (End)