Shares of ILJEONG Industrial’s [008500], a manufacturer and seller of automotive seat fabrics, are showing strong performance, buoyed by optimism in the automotive sector.
As of 10:40 a.m. on the 9th, ILJEONG Industrial’s was trading at its daily limit, up 29.98% (3,870 KRW) to 16,780 KRW on the KOSPI market, according to the Korea Exchange.
This surge is attributed to high expectations for the first-quarter performance of Hyundai Motor and Kia, which achieved record-breaking results last year. As a supplier to both automakers, ILJEONG Industrial’s saw 87.8% of its sales last year come from automotive interior materials.
Previously, on March 22 of last year, the Korea Exchange granted ILJEONG Industrial’s a grace period until April 16 of this year due to a delisting risk related to an auditor’s opinion shortfall. Subsequently, the exchange decided to maintain the listing and lifted the trading suspension on March 22 of this year.
For the last year, ILJEONG Industrial’s reported consolidated sales of 32.6 billion KRW, an operating loss of 1.5 billion KRW, and a net loss of 2.3 billion KRW.