SEOUL, KOREA - Corning Precision Materials (formerly Samsung Corning Precision Materials) will pay out dividends of 3.6 trillion won, the record-high level. The dividends will be shared by Samsung Display and Corning Inc. of the United States that parted ways in January when the Samsung Group company sold off all its stake to Corning.

 

According to the consolidated audit report filed on March 11 by Corning Precision Materials, the company's sales revenue last year was 2,422.8 billion won, up 20.6 percent from the previous year. Its operating profit, however, shrank 30.7 percent to 1,144.8 billion won. The maker of glass substrates for the display industry had posted the sales revenue of 5,615.9 billion won and the operating profit of 3,698.1 billion won in 2010.

 

Comparing to these figures three years ago, last year's performance was more than 50 percent lower for sales revenue and 70 percent lower for operating profit. The 2013 operating profit ratio of 47.2 percent is higher than that of any other companies in the industry but this is the first time for Corning Precision Materials to see the ratio to go below the 50-percent level since 2010.

 

The company's dividend amount for 2013 will be 3,631.7 billion won, of which 691.7 billion won had already been paid out to its shareholders and the remaining 2,939.4 billion won is to be paid at the end of the quarter.