Annual Report 2014
Entering 2014 we knew that the overall economic situation was still uncertain and volatile, but had expected the economic recovery to gain some traction. Instead it has been a disappointing year for SONGWON Industrial Group.
Songwon delivered consolidated revenues of 665.5 Billion KRW with a 4% decrease year over year and a consolidated net loss of 13.4 Billion KRW. Key operational results were also affected with a Gross Profit after capacity variances of 13.3%, 6 points lower compared to last year. Our EBITDA was around 6% of sales — 6% percent lower than in 2013.