SK Inno Reports 1Q Operating Profit of 502.5 Billion KRW... Includes 1 Trillion KRW Battery Lawsuit Settlement (Update)
[Asia Economy Reporter Hwang Yoon-joo] SK Innovation has succeeded in turning a profit after one year due to rising oil prices and increased prices of petrochemical products.
SK Innovation announced on the 13th that its consolidated operating profit for the first quarter of this year was 502.5 billion KRW, marking a turnaround to profit compared to the same period last year. Sales amounted to 9.2398 trillion KRW, a decrease of 1.7%.
However, the pre-tax loss was recorded at 527.6 billion KRW. This was explained as due to non-operating losses of 1.0301 trillion KRW, reflecting foreign exchange losses and settlement payments related to battery lawsuits.
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The battery business recorded sales of 526.3 billion KRW, an increase of about 80% compared to sales of 288.8 billion KRW in the same period last year, due to increased sales volume. Operating loss increased by approximately 67.8 billion KRW from the previous quarter to 176.7 billion KRW, affected by increased initial costs at overseas factories.
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