SEOUL — SKC Ltd., a leading South Korean chemical company, reported a net loss of 326.4 billion won ($245.9 million) for the year 2023, marking another year of financial difficulties.
According to Yonhap News Agency, SKC experienced a shift from an operating profit of 186.2 billion won in the previous year to a loss of 216.3 billion won. The company also saw a significant decrease in annual revenue, which fell 34.2 percent to 1.57 trillion won.
This financial downturn underscores the challenges SKC Ltd. faces amid fluctuating global market conditions and competitive pressures in the chemical industry. The reported losses reflect a stark contrast to the company's performance in the preceding year, indicating the need for strategic adjustments to navigate the evolving market landscape.