Seowon Reports Net Loss of 2.2 Billion KRW Last Year... Turns to Deficit
[Asia Economy Reporter Ji Yeon-jin] Seowon, a manufacturer of copper alloy products, announced on the 23rd that its net loss for the year based on consolidated financial statements turned to a deficit of 2.2 billion KRW compared to the previous year.
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During this period, sales decreased by 7.60% to 238 billion KRW, while operating profit increased by 1.08% to 8 billion KRW. The company explained, "Although we entered into derivative contracts to hedge against exchange rate and raw material price fluctuation risks, unexpected copper price increases and a decline in the KRW-USD exchange rate resulted in non-operating losses."
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