SK Chemicals reported a 45% decrease in operating profit for the third quarter of this year, attributed to rising raw material prices and unfavorable exchange rates.
In a regulatory filing on November 9, SK Chemicals announced that its standalone revenue for the third quarter reached 402.1 billion won, with an operating profit of 16.4 billion won. Compared to the same period last year, revenue increased by 8.2%, while operating profit fell by 45.0%.
The company explained that despite the decline in profit due to rising raw material costs, exchange rate fluctuations, and changes in oil prices affecting the chemical industry, it maintained profitability amid the industry downturn by leveraging the competitiveness of specialty materials such as copolyesters and functional materials.
Looking ahead, SK Chemicals plans to improve profitability through operational efficiency and expanding sales of high-value products. A company representative stated, "We will enhance cost competitiveness in our core businesses, such as copolyesters, through continuous operational optimization efforts and expand sales of high-value products. We will also establish a stable operational system that can flexibly respond to external changes."
Meanwhile, on a consolidated basis, including subsidiaries SK Bioscience and SK Multi-Utility, revenue reached 740.8 billion won, and operating profit was 33.6 billion won, marking increases of 21.5% and 115.6%, respectively, compared to the same period last year. The improved consolidated performance was attributed to strong business results from subsidiaries like SK Bioscience and a reduction in losses.
* This article has been translated by AI.
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