Yeochun Naphtha Cracking Center (YNCC), South Korea's largest producer of ethylene, said Tuesday its third-quarter net profit surged 78.7% year on year to Won 129 billion ($112.6 million) due to solid demand for its products.
Operating profit rose 71.1% from a year earlier to Won 178.8 billion in the quarter ended September, while sales gained 33.8% to Won 2.06 trillion.
But in the first nine months of this year, net profit fell 21.2% year on year to Won 241.3 billion, despite a 19.9% rise in sales to Won 5.61 trillion, due to higher material costs.
YNCC has a production capacity of 1.91 million mt/year of ethylene, accounting for 24.9% of South Korea's total ethylene production capacity. The company also has the capacity to produce 970,000 mt/year of propylene, 240,000 mt/year of butadiene and 780,000 mt/year of benzene.
Ethylene, propylene and butadiene account for 64.8% of the company's total sales.
