SK Chemicals Reports 1Q Operating Profit of 48.7 Billion KRW, Down 40.5% YoY

SK Chemicals Pangyo Headquarters exterior. (Photo by SK Chemicals)

[Asia Economy Reporter Moon Chaeseok] SK Chemicals announced on the 9th that its consolidated sales for the first quarter reached 418.1 billion KRW, with an operating profit of 48.7 billion KRW. Compared to the same period last year, sales increased by 12.1%, but operating profit decreased by 40.5%.

The copolyester business in the Green Chemical division saw increases in both sales and operating profit. Factors such as 100% operation of the new production line, continuous development of new applications, and expansion of customers contributed to this growth. Copolyester sales rose 53% year-on-year to 211 billion KRW, and operating profit increased by 41% to 26.7 billion KRW. The Life Science division, responsible for the pharmaceutical business, recorded sales and operating profit of 77 billion KRW and 9.1 billion KRW respectively, up 20% and 27% from the previous year.

However, SK Bioscience, a subsidiary of SK Chemicals focusing on the vaccine business, posted first-quarter results of 87.1 billion KRW in sales and 23.8 billion KRW in operating profit, down 23% and 56% respectively compared to the previous year. Due to SK Bioscience's poor performance, SK Chemicals' consolidated profitability declined compared to last year. An SK Chemicals official stated, "In the second quarter, we expect an expansion in sales of high value-added copolyester products and an increase in the pharmaceutical product lineup," adding, "We plan to continue investing in the transition to 'green materials' and 'bio' businesses as outlined in our financial story."

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