SK On Reports Q4 Operating Loss of 18.6 Billion KRW... Continued Profitability Improvement
SK On recorded an operating loss of 18.6 billion KRW in the fourth quarter of last year, reducing the deficit to the smallest scale in history.
SK Innovation announced on the 5th that its battery subsidiary SK On's operating loss for last year was 581.8 billion KRW, a 45.8% reduction compared to the previous year. SK On's annual sales last year reached 12.8972 trillion KRW, a 69.3% increase from the previous year.
Considering that SK On's cumulative sales from the first to third quarters last year were 10.1741 trillion KRW and the operating loss was 563.2 billion KRW, the fourth quarter recorded sales of 2.7231 trillion KRW and an operating loss of 18.6 billion KRW.
Earlier, SK On posted operating losses of 344.9 billion KRW in the first quarter, 132.2 billion KRW in the second quarter, and 86.1 billion KRW in the third quarter last year, continuing to reduce the deficit and improve profitability.
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Lee Seok-hee, CEO of SK On, declared at an executive meeting at the end of last month, "2024 is a critical year of 'turnaround,' and the CEO and executives must take the lead in overcoming the crisis with utmost dedication," adding, "I will voluntarily return 20% of my salary until profitability is achieved."
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