Songwon Industrial Group announced earnings results for the first quarter of 2017. For the quarter, the company's net profit fell by 32.1% year on year to KRW 8.28 billion, weighed down by tight raw material supply and unfavourable currency effects. Sales fell by 4.4% year on year to KRW 175 billion in the first quarter, with earnings before interest, tax, depreciation and amortisation (EBITDA) down by 40.5% at KRW 21.2 billion.