Songwon doubles profit in 2012

South Korean additives maker Songwon doubled its profit in 2012, despite a slowdown in the fourth quarter.

The company says 2012 profit totalled KRW 20.3bn (€137.7m), compared to KRW 10bn (€67.8m) in 2011. Sales increased 8.1% and Ebit went up 60.9%.

“The first three quarters of the year were characterised by growth and although sales have softened in Q4, profits have remained strong, contributing to a doubling of profits for the year,” CFO Hans-Peter Wüest said in a statement.

He added: “This has been achieved through judicious cost control and productivity improvements and is a function of our strategic investment in back integration, together with our ability to respond rapidly to market needs with new products.”

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