Seonggwang Band Reports 8.4 Billion KRW Operating Profit in Decline by 84% Last Year... Net Income Turns Negative
[Asia Economy Reporter Ji Yeon-jin] Sungkwang Band announced on the 12th that its consolidated sales and operating profit for last year were 180.75508 billion KRW and 11.14669 billion KRW, respectively, down 10.6% and 84% from the previous year.
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The net profit for the period turned to a loss, recording -1.29008 billion KRW. The company explained, "Due to project delays and cancellations caused by COVID-19 and low oil prices, orders and sales decreased, profits declined, and the losses of subsidiaries expanded, resulting in a turnaround to a loss."
This content was produced with the assistance of AI translation services.
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