Moorim Paper recorded a revenue of 300.2 billion won and an operating profit of 9.8 billion won in the second quarter of this year. This is due to a sharp decline in international pulp prices, which negatively impacted the performance of its subsidiary Moorim P&P.
Moorim Paper announced on the 14th that its consolidated revenue for the second quarter of this year was 300.2 billion won, with an operating profit of 9.8 billion won. This represents a decrease of 16.9% and 79%, respectively, compared to the same period last year.
The subsidiary Moorim P&P, which produces and sells paper raw material pulp, recorded a revenue of 168.3 billion won in the second quarter of this year, which is a 20.3% decrease compared to the same period last year. During the same period, it posted an operating loss of 1.3 billion won, marking a transition to a loss compared to the same period last year.
A representative from Moorim Paper explained, "The operating profit of the subsidiary Moorim P&P has decreased due to the significant drop in pulp prices compared to the same period last year, leading to deteriorating performance." They added, "There is also the effect of the high pulp prices in the second quarter of last year making this year's figures look relatively low."
However, Moorim SP recorded revenue of 50.5 billion won and an operating profit of 1.2 billion won in the second quarter of this year, reflecting increases of 14.8% and 0.2%, respectively, compared to the same period last year.