SK Chemicals said Monday that its third-quarter revenue reached 402.1 billion won ($301 million) on a standalone basis, while operating profit came to 16.4 billion won.
Revenue rose 8.2 percent from a year earlier, while operating profit declined 45 percent.
The company attributed the drop in profitability to worsening external conditions across the chemical industry, including higher raw material costs, a weaker foreign exchange rate and fluctuations in oil prices. Despite the challenging market environment, it maintained profitability, supported by the competitiveness of its specialty materials businesses, including copolyester and functional materials.
"Through continued efforts to optimize operations, we will strengthen the cost competitiveness of core businesses such as copolyester, expand sales of high-value-added products and establish a stable operating system that can respond flexibly to external changes," an SK Chemicals official said.
On a consolidated basis, including subsidiaries SK Bioscience and SK Multi Utility, third-quarter revenue totaled 740.8 billion won and operating profit reached 33.6 billion won, up 21.5 percent and 115.6 percent, respectively, from a year earlier.
Improved performance reflected stronger business results at its subsidiaries and narrower operating losses, demonstrating the benefits of its diversified business portfolio, according to the company.
jyoungseon8@heraldcorp.com
