KPIC net profit down 38% year on year to US$67 mln

Korea Petrochemical Industry Co. (KPIC)’s 2010 net profit plunged by 37.9% to Won 75 bln (US$66.8 mln), as compared to Won 120.8 bln in 2009, as per Platts. Full-year operating profit fell 42.5% to Won 96.2 bln, down from Won 167.2 bln in 2009. But full-year sales rose 9.7% to Won 1.82 trillion, compared with Won 1.66 trillion. The company has a capacity of 530,000 tpa of HDPE and 470,000 tpa of PP. Margins of the company's products, such as high density polyethylene and polypropylene, weakened due to higher raw material costs following international oil price hikes. Higher costs led to declines in profits despite rise in sales. The company has said it is seeking to build plants to produce butadiene to diversify its earning sources beyond its main products of high-density polyethylene and polypropylene.
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