Despite the worsening business environment in the chemical industry, hit by falling oil prices, OCI, a leading South Korean chemical and solar energy company, made a turnaround in profitability last year, with operating profit of 44.6 billion won ($40 million).
The consolidated sales of the polysilicon-maker rose 6.2 percent to 3.14 trillion won last year from a year ago, the company said.
“Improved performance in the basic chemical business unit (whose main business is polysilicon production and supply) led the recovery in the firm’s operating profit,’’ OCI CEO Lee Woo-hyun said in an investor relations session in Seoul.
He remained positive about the outlook for the firm's biggest business unit this year, saying the solar power business is expected to grow further.
“Industry watchers concluded that there is no direct impact of oil prices on power generation as oil-fired electricity accounts only 5 percent of global power generation,’’ Lee said.
OCI’s second largest coal-based petrochemical business, however, filed operating losses of 5 billion won, affected by the steep drop in oil prices.
