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Kumho Petro Chemical Q3 net profit up 207.3 pct. to 146.2 bln won

November 26/2020

MOSCOW (MRC) -- Kumho Petro Chemical Co. has reported its third-quarter net income of 146.2 billion won (USD130.5 million), up 207.3 percent from a year earlier, according to YONHAP News Agency.

The company said in a regulatory filing that it posted 213.8 billion won in operating profit for the quarter, compared with 68.4 billion won a year ago. Revenue fell 2.3 percent to 1.18 trillion won.

The operating profit was 12.2 percent higher than the average estimate, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. The estimate of net profit was not available.

As MRC reported earlier, in H1 2016, Kumho P&B Chemicals (KPB) completed its phenol, acetone and cumene capacity expansion. KPB is one of the largest producers of benzene derivatives such as phenol, bisphenol-A (BPA), acetone and cumene in South Korea.

Before the expansion, the company operated two phenol/acetone units in Yeosu that were able to produce 380,000 mt/year of phenol 450,000 mt/year of BPA, 235,000 mt/year of acetone and 430,000 mt/year of cumene. With the completion of the capacity expansion, the company had added 300,000 mt/year of phenol, 470,000 mt/year of cumene and 185,000 mt/year of acetone by June 2016.

Phenol is the main feedstock component for the production of bisphenol A (BPA), which, in its turn, is used to produce polycarbonate (PC).

According to MRC's ScanPlast report, Russia's estimated consumption of PC granules (excluding imports and exports to/from Belarus) rose in the first three quarters of 2020 by 32% year on year to 75,600 tonnes  (57,200 tonnes a year earlier).

KPB is an offshore joint venture created by the joint investment of South Koreas Kumho Petrochemical and Japans Nippon Steel Chemical Company in 1976.
Author:Margaret Volkova
Tags:bisphenol a, PC, acetone, phenol, sheet extrusion, petrochemistry, Kumho, Russia, South Korea.
Category:General News
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