SK Chemicals (285130.KS) swung to a loss in the first quarter despite higher revenue, weighed down by weaker earnings at its subsidiary SK Bioscience (302440.KS).
SK Chemicals posted a preliminary first-quarter operating loss of 18.9 billion won on a consolidated basis, the company said in a regulatory filing Thursday.
Subsidiary SK Bioscience reported a first-quarter operating loss of 44.5 billion won, with the loss widening 194.4% from a year earlier.
Revenue, however, rose 22.2% year-on-year to 655.9 billion won over the same period.
On a non-consolidated basis, SK Chemicals recorded revenue of 385.7 billion won and operating profit of 21.2 billion won. "Even amid significant external volatility in the first quarter, raw material procurement, production and sales were managed relatively steadily across the board, allowing us to maintain revenue growth momentum," the company said.
"To prepare for uncertainties such as oil price fluctuations and supply chain instability, we will review our product portfolio, cost structure and overall operating processes to strengthen genuine competitiveness and build a structure that can respond more flexibly to market changes," an SK Chemicals official said.
