Seoul: Kumho Petrochemical Co. on Friday announced a 21.7 percent increase in net profit for the first quarter, attributed to robust sales of its core petrochemical products.

According to Yonhap News Agency, net profit for the three months ending in March rose to 124.8 billion won (US$89.1 million), compared to 102.5 billion won during the same period the previous year. This improvement was detailed in the company's regulatory filing.

"Increased sales of synthetic rubber and improved profitability of ethylene-propylene diene monomer (EPDM), a heat-resistant specialty synthetic rubber used in automotive parts, supported the bottom line," a company spokesperson said. The spokesperson further explained that the company boosted sales of high-end synthetic rubber products to tire manufacturers, while the sale of EPDM inventory acquired at lower prices before the Lunar New Year holiday in late January also contributed to the favorable financial results.

Operating profit saw a significant rise of 53.4 percent, reaching 120.6 billion won in the March quarter, up from 78.6 billion won a year earlier. During the same period, sales increased by 14.4 percent to 1.9 trillion won from 1.6 trillion won.

In terms of business segments, Kumho Petrochemical achieved 757.2 billion won in sales from synthetic rubber and 336 billion won from synthetic resins. Despite the positive first-quarter results, the company anticipates a decline in demand for its key products in the second quarter due to scheduled maintenance at its facilities and rising uncertainties from changing U.S. tariff policies.