Hanwha Chemical Q1 net more than triples on higher prices

Hanwha Chemical Corp., a major chemicals firm here, said Thursday that its first-quarter earnings more than tripled from a year earlier, largely thanks to a rise in prices of its key products.

Net profit reached a record 324 billion won ($287 million) in the January-March period, compared to a profit of 114 billion won a year earlier, the company said in a regulatory filing.

Hanwha Chemical Corp.’s plant in Yeosu, South Korea. (Yonhap)

Operating income also jumped 37.6 percent on-year to reach 197 billion won, and sales edged up 1.3 percent to 2.19 trillion won over the cited period, it said.

The company attributed the sharp improvement in its bottom line to a surge in the prices of key products such as polyvinyl chloride.

The surge was also attributable to gains from its equity ties with Hanwha Total and other affiliates. (Yonhap)