SEOUL — Continuing its financial challenges, Lotte Chemical Corp. reported a significant net loss of 415.8 billion won ($313.1 million) for the fourth quarter, deepening its position in the red.
According to Yonhap News Agency, The company's regulatory filing revealed an operating loss of 301.3 billion won for the October-December period, an improvement from the 400 billion won loss a year earlier. Revenue also saw a decrease, falling 10.7 percent to 4.9 trillion won. The reported loss was 227.4 percent higher than the average estimate by analysts, as surveyed by Yonhap Infomax.
This quarter's performance underscores the ongoing struggles Lotte Chemical faces in navigating the competitive and volatile chemical industry market, with losses exceeding market predictions and indicating significant financial pressure on the company.